Appointment of Administrators


 

TIDMWNS 
 
RNS Number : 8564U 
Wensum Company PLC 
01 July 2009 
 

 
 
1 July 2009 
 
 
The Wensum Company plc 
("Wensum" or the "Company") 
 
 
Appointment of administrators 
 
 
 
 
Further to the announcement it made on 15 June 2009, the Company regrets to 
announce that it has been unable to secure the additional funds needed to meet 
its short term working capital requirements. Administrators were therefore 
appointed yesterday at its main UK operating subsidiaries. The administrators 
have agreed to sell the businesses and assets of these companies, together with 
the overseas subsidiaries of the Company, for consideration in cash of GBP7.9 
million to a newly formed subsidiary of Kashket Logistik Unicorp Limited. 
Stephen Dorrell and Paul Curtis (directors of the Wensum) each hold a 15% 
shareholding in the new entity.  The cash consideration will not be sufficient 
to settle the amounts due to creditors and the Company does not expect to 
receive any proceeds arising out of the administrations of these subsidiaries. 
The Company intends to put itself into liquidation shortly and does not expect 
that shareholders will receive any proceeds in relation to their shares. 
 
 
 
 
 
 
Enquiries: 
 
 
+--------------------------------------------+---------------------------+ 
| Wensum                                     | 07860 318440              | 
| Stephen Dorrell, Chairman                  |                           | 
+--------------------------------------------+---------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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