The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
10 May 2024
Chamberlin
plc
("Chamberlin", the "Company" or the "Group")
Update
Chamberlin plc (AIM: CMH.L), the specialist castings
and machining group, announces the following update further to the
announcement dated 7 May 2024.
Following the issue of the winding up notice from the
Company's main power supplier, discussions have continued with the
Group's creditors and major shareholders. Despite the cost
reduction actions and wholesale customer price increases
implemented across the Group, the Group is under increased pressure
from other creditors and its bank, has lost further sales revenue
and is unable to secure additional funding of the scale and form
required for ongoing business stability. The Board of Directors has
therefore regrettably resolved to commence an insolvency
process.
Further announcements will be made in due course as
appropriate.
Kevin Price,
CEO, said: "Following the Company's
announcement on 7 May and the subsequent discussions with
creditors, customers and shareholders, we do not have a funding
solution that provides the necessary liquidity in the time we have
available. On behalf of the Board, I express to our staff,
shareholders and all other affected stakeholders our deepest regret
that we are having to take the very difficult decision to commence
an insolvency process."
Enquiries:
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Chamberlin plc
Kevin Price, Chief
Executive
Alan Tomlinson, Finance
Director
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T: 01922 707100
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Cavendish Capital Markets Limited
(Nominated Adviser and Joint Broker)
Katy Birkin
Stephen Keys
George Lawson
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T: 020 7220 5500
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Peterhouse Capital Limited
(Joint Broker)
Lucy Williams
Duncan Vasey
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T: 020 7469 0930
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