Application for Liquidation


 

TIDMQLC 
 
RNS Number : 7027U 
Qualceram Shires PLC 
29 June 2009 
 

Qualceram Shires plc (In Examinership under the Irish Companies (Amendment) Act 
1990, as amended) 
 ("Qualceram", the "Company" and, together with its subsidiaries, the "Group") 
 
 
Investment in certain Qualceram Operating Entities 
 
 
Application for Liquidation of Qualceram 
 
 
 
 
29 June 2009 
 
 
Qualceram announced on 1 April 2009 that an Examiner had been appointed to 
Qualceram and its Irish registered subsidiaries and that an Administrator had 
been appointed to Qualceram's UK registered subsidiaries. 
 
 
Following consideration by the appointed Examiner to the Company, David Hughes 
of Ernst & Young, of various funding proposals put before the Company, Qualceram 
announces that today four of its subsidiaries  have signed a binding agreement 
with an investor who will invest in four of the Group's Irish operating 
entities. It is the investors intention to continue to distribute Group brands 
in the primary markets of Ireland and the United Kingdom. 
 
 
The Examiner will today apply to the Irish High Court for an extension to the 
examinership process in respect of these four operating companies to seek the 
approval of the High court for Schemes of Arrangement. It is expected that 
meetings with the Group's creditors will be convened in due course. 
 
 
 
 
The Examiner was unable to secure any funding for the plc itself and, 
accordingly,  will today 
apply to the High Court to seek the liquidation of 
Qualceram. The Examiner has informed the Company that it is highly unlikely that 
this process will result in any distribution to the shareholders of Qualceram. A 
further announcement will be made in due course. 
 
 
 
 
ENDS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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