REG - Chamberlin PLC - Update

ChamberlinAnnouncement

10/05/2024 12:45

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RNS Number : 0205O  Chamberlin PLC  10 May 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018.

 

10 May 2024

 

Chamberlin plc

("Chamberlin", the "Company" or the "Group")

 

Update

 

Chamberlin plc (AIM: CMH.L), the specialist castings and machining group,
announces the following update further to the announcement dated 7 May 2024.

 

Following the issue of the winding up notice from the Company's main power
supplier, discussions have continued with the Group's creditors and major
shareholders. Despite the cost reduction actions and wholesale customer price
increases implemented across the Group, the Group is under increased pressure
from other creditors and its bank, has lost further sales revenue and is
unable to secure additional funding of the scale and form required for ongoing
business stability. The Board of Directors has therefore regrettably resolved
to commence an insolvency process.

 

Further announcements will be made in due course as appropriate.

 

Kevin Price, CEO, said: "Following the Company's announcement on 7 May and the
subsequent discussions with creditors, customers and shareholders, we do not
have a funding solution that provides the necessary liquidity in the time we
have available. On behalf of the Board, I express to our staff, shareholders
and all other affected stakeholders our deepest regret that we are having to
take the very difficult decision to commence an insolvency process."

 

 

Enquiries:

 

 Chamberlin plc                           T: 01922 707100

 Kevin Price, Chief Executive

 Alan Tomlinson, Finance Director

 Cavendish Capital Markets Limited        T: 020 7220 5500

 (Nominated Adviser and Joint Broker)

 Katy Birkin

 Stephen Keys

 George Lawson

 Peterhouse Capital Limited               T: 020 7469 0930

 (Joint Broker)

 Lucy Williams

 Duncan Vasey

 

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