Cessation of Trading
February 04 2009 - 10:45AM
UK Regulatory
TIDMCVL
RNS Number : 8070M
Conival plc
04 February 2009
4 February 2009
Conival Plc
("Conival" or "the Company")
Intention to consult an insolvency practitioner
Following the Company's announcement on 28 January 2009 concerning the
unexpected departure of its Chief Executive, a secured creditor of the Company
has exercised its right under its debentures with the Company and the Company's
wholly owned subsidiary, Glorious! International Limited ("Glorious" and
together with Conival, "Conival Group"), to enforce its security and,
accordingly, has taken an assignment of certain of the Conival Group's key
assets. As a result, the Board of Conival announces that it has ceased to trade
and will be taking immediate advice from an insolvency practitioner with a view
to placing the Conival Group into liquidation.
Historically, certain of the Company's products have been manufactured by TSC
Foods Limited ("TSC"). Prior to the Company's secured creditor enforcing its
security as referred to above, the Glorious granted TSC a trade mark sub-licence
pursuant to which TSC assumed responsibility for marketing and supplying those
products to customers. Glorious's rights and obligations under this sub-licence
will be automatically transferred to the ultimate owner of the trade mark in the
event that the Conival Group is liquidated.
Enquiries:
Conival plc
0870 389 6999
John Bick
W.H. Ireland
0121 265 6330
Tim Cofman-Nicoresti
This information is provided by RNS
The company news service from the London Stock Exchange
END
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