Statement re. Suspension (8491D)
March 29 2011 - 10:55AM
UK Regulatory
TIDMHTI
RNS Number : 8491D
Hawtin PLC
29 March 2011
HAWTIN PLC
STATEMENT RE SHARE SUSPENSION
The Board of Hawtin PLC ("Hawtin" or the "Company ") regrets to
announce that it has requested an immediate suspension in the
trading of its shares pending clarification of its financial
position.
The Company received notice today of a demand from Anglo Irish
Bank Corporation Limited ("AIBC") for the immediate payment of
GBP3m under a parent company guarantee provided by the Company in
relation to Millenium Plaza, the property owned by Hawtin's
subsidiary, Crown Investments Limited.
The Directors of Hawtin believe that Millenium Plaza may have
been sold by the LPA receiver. As previously announced, Hawtin had
tried to enter into discussions with AIBC regarding this guarantee
but without success. The Directors believed that, whilst remote, it
was possible that a solution could have been found for Millenium
Plaza that could have delivered some additional value to AIBC and
Hawtin shareholders.
Hawtin is currently unable to meet this guarantee liability.
Enquiries:
Hawtin PLC
Nicola Crickmore, Company Secretary Tel: 01633 682130
Seymour Pierce Limited
Guy Peters / David Foreman Tel: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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