TIDMAI. 
 
RNS Number : 3460C 
Aero Inventory PLC 
11 November 2009 
 

 
 
 
 
11 November 2009 
 
 
Aero Inventory plc (the "Company" or the "Group") 
Appointment of joint administrators 
 
 
On 26 October and 3 November 2009 the Company announced that, given the likely 
breach of its banking covenants it was in discussions with its banks regarding 
the Group's ability to access credit and their ongoing financial support. 
 
 
Following recent events and extensive discussions with the Company, the banks 
have not been prepared to provide additional short term funding to the Company 
to enable it to continue to trade. 
 
 
Separately the Company has been actively exploring other financial options to 
secure working capital to continue to trade and protect value for shareholders. 
These options have also failed to reach a satisfactory conclusion in the time 
available. 
 
 
It is therefore with deep regret that the board announces that it has today 
appointed James Robert Tucker, Richard Heis and Allan Watson Graham of KPMG LLP, 
8 Salisbury Square, London EC4Y 8BB as joint administrators to the Company and 
its subsidiary Aero Inventory (UK) Limited under the Insolvency Act 1986. 
 
 
Following the announcement of 3 November 2009 the contracts of employment of 
Rupert Lewin (Chief Executive), Hugh Bevan (Finance Director) and Martin Dodge 
(Chief Operating Officer) were terminated, although Rupert Lewin and Martin 
Dodge remain as directors. 
 
 
The reviews into the value of stock as well as the accuracy of recent financial 
reports provided to the banks referred to in the Company's announcement of 3 
November 2009 have yet to be completed. These matters are now under the control 
of the joint administrators. 
 
 
 
 
 
 
Enquiries: 
 
 
+-------------------------------------------+--------------------------------+ 
| KPMG LLP (Joint Administrators)           |                                | 
+-------------------------------------------+--------------------------------+ 
| Patrick Tooher, Head of Media Relations   | Tel: 020 7694 2597 / 07831     | 
| Alison Anderson, PR manager, KPMG         | 314 671                        | 
| KPMG Press Office                         | Tel: 0113 254 2980 / 07733     | 
|                                           | 453 065                        | 
|                                           | Tel: 020 7694 8773             | 
+-------------------------------------------+--------------------------------+ 
| Aero Inventory                            | Tel: +44 (0) 20 8449 9263      | 
+-------------------------------------------+--------------------------------+ 
| Nigel McCorkell                           |                                | 
+-------------------------------------------+--------------------------------+ 
| J.P. Morgan Cazenove                      | Tel: +44 (0) 20 7588 2828      | 
+-------------------------------------------+--------------------------------+ 
| Nick Garrett                              |                                | 
| Guy Marks                                 |                                | 
+-------------------------------------------+--------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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