Business
Further re: Suspension
Further re: Suspension.
About this update from Logistics Development Group Plc
[{"type":"text","content":"\n Legacy Distribution Group, Inc.\n08 February 2007\n\n\n Legacy Distribution Group, Inc.\n\n (the 'Company')\n\n\n\nThis announcement is provided by way of an update to the announcement made on 31\nJanuary 2007.\n\nThe directors of the Company ('Directors') in conjunction with the Company's\nprincipal bank, the lead creditor, have reviewed the Company's financial\nposition. They have concluded that the business is no longer viable and cannot\nbe sold as a going concern. The bank assisted by an officer of the Company has\nreceived offers of interest to purchase the assets of the Company and the bank\nhas now commenced proceedings to exercise control over its collateral in order\nto pursue these offers. Under this process, assets will be realised and\ndistributed for the benefit of the bank, as the leading secured creditor.\n\nThe value of these offers will result in the bank incurring a substantial loss\nand as a result unsecured creditors and shareholders will not receive any\npayment.\n\nIn view of this action and after discussion(s) with the bank, the Directors have\nconcluded that there is no further useful role that they can perform for and\nwithin the Company. Accordingly, Michael Mills and Ian Blelloch, the\nNon-Executive Directors and Fred Gretsch the Company's Chief Financial Officer\nhave resigned as Directors and Officer of the Company with immediate effect.\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]