Result of Creditor Meetings
February 13 2009 - 2:00AM
UK Regulatory
TIDMSTYL
RNS Number : 2636N
Stylo PLC
13 February 2009
13 February 2009
Stylo plc ("Stylo" or the "Company")
Result of Creditor Meetings
On 26 January 2009, Neville Kahn, Daniel Butters and Lee Manning were appointed
Joint Administrators of Stylo Barratt Shoes Limited, Stylo Barratt Properties
Limited, Priceless Shoes Properties Limited, Barratts Shoes Properties Limited,
and Comfort Shoes Limited (together "the Operating Companies") and now manage
the affairs, business and property of the Operating Companies.
Meetings of creditors of the Operating Companies were held yesterday to consider
the company voluntary arrangements proposals to rescue the Operating Companies
as going concerns (the "CVA proposals") that were proposed by the Joint
Administrators. The Board is disappointed to report that the creditors and
landlords did not approve the CVA proposals.
As announced on 10 February 2009 the Board set out its intention to appoint
Administrators of the Company if the creditor meetings did not result in
approval of the CVA proposals, and accordingly Deloitte will be appointed as
Joint Administrators of the Company as soon as possible.
- ends -
For further information, please contact:
+-----------------------------------------+------------------------------------+
| Arbuthnot Securities Limited | 020 7012 2000 |
+-----------------------------------------+------------------------------------+
| Katie Shelton / Nick Tulloch | |
+-----------------------------------------+------------------------------------+
| | |
+-----------------------------------------+------------------------------------+
| Smithfield Consultants | 020 7360 4900 |
+-----------------------------------------+------------------------------------+
| John Kiely / Andrew Wilde / Will | |
| Henderson | |
+-----------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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