Business
Trading Statement
Trading Statement.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n RNS Number : 9526K Software Radio Technology PLC 31 December 2008 \n \nWednesday 31st December 2008\n\nSOFTWARE RADIO TECHNOLOGY PLC (\"SRT\" or the \"Company\")\nTrading Update\nSRT plc (\"The Company\") regrets to announce that one of its two subsidiaries, SRT PMR Technology Limited (\"SRT PMR\") has been placed into administration with immediate effect. \nFurther to the announcement made on 19th December, as a result of delayed payments from customers SRT PMR has a funding gap. Unfortunately it has not been possible to secure the additional finance required and the Board of SRT PMR Technology Limited has reluctantly decided that it was not able to continue to trade as a going concern. Therefore, as required by law, the Board of SRT PMR have appointed Andrew Tate and Nedim Ailyan of insolvency practitioners Abbott Fielding as Joint Administrators to SRT PMR from Wednesday 31st December 2008. \nAs a result of this action, SRT plc expects to make significant write downs at the year end to reflect the investment made by SRT plc into SRT PMR Technology Limited. Except for the aforementioned write down, the appointment of administrators to SRT PMR does not affect SRT plc or its other trading subsidiary, SRT Marine Technology Limited which are separate legal entities to SRT PMR, continue to trade normally and are sufficiently funded.\nEnquiries:\nSoftware Radio Technology plc +44 (0)1761 409500 \nSimon Tucker, Group Managing Director [email protected] \n \nNumis Securities Limited +44 (0) 207 260 1000 \n \nLee Aston, Nominated Adviser \nAbbott Fielding +44 (0)208 302 4344 \nAndrew Tate, Joint Administrator [email protected]\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END TSTBBBDDBGXGGIB\n ","length":3305,"tagName":"div"}]