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CEPS PLC announced on 27 September 2023 that Vale Brothers Limited, a subsidiary of its associate company Vale Brothers Group Limited, filed a Notice of Intention to Appoint Administrators. CEPS PLC owns 33% of Vale Brothers Group Limited, which on 18 December 2020 acquired 100% of both Vale Brothers Limited and CEPS's subsidiary, Davies Odell Limited.
| Date | 27 Sept 2023 |
| Time | 15:48:31 |
| Category | Miscellaneous |
| ID | 8826N |
27 September 2023
CEPS PLC
('CEPS' OR THE 'COMPANY')
Notice of Intention to appoint Administrator filed by Vale Brothers Limited
The Board of CEPS announces that it has been informed that Vale Brothers Limited ("Vale"), a subsidiary of CEPS's associate company Vale Brothers Group Limited ("Vale Group"), has filed a Notice of Intention to Appoint Administrators, in order to protect the business in conjunction with engaging advisors to explore a sale of the company, its business and assets.
As mentioned in the Company's interim results on 5 September, Vale Brothers had continued to struggle, in common with its competitors, as demand for its products has been very weak. It has taken the decision to seek a sale as the shareholders were not prepared to inject further money into the business.
As announced on 18 December 2020, CEPS' subsidiary, Davies Odell Limited ("Davies Odell"), merged with Vale which was achieved by the incorporation of Vale Group which acquired 100% of each of Davies Odell and Vale. CEPS owns 33% of the issued share capital of Vale Group.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The directors of the Company accept responsibility for the content of this announcement.
Enquiries
|
CEPS PLC Vivien Langford, Group Finance Director |
+44 1225 483030
|
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Cairn Financial Advisers LLP James Caithie / Sandy Jamieson / Emily Staples |
+44 20 7213 0880 |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.