Hexagon Appoints Administrators And Announces MBO
On 18 February 2010 the Company announced that trading in its ordinary shares on the AIM market of the London Stock Exchange had been suspended, pending clarification of its financial condition.
Since this announcement the Company's board of directors (the "Board") has explored a number of restructuring options available to the Company. As a result, and in light of the Company's current financial condition, the Board has concluded that the best course of action is to place the Company into administration. Accordingly, on 12 March 2010, Antony Nygate and Shay Bannon of BDO LLP (the "Administrators") were appointed as administrators to the Company and were also appointed as administrators of a number of the Company's subsidiaries. Brewin Dolphin has resigned as the Company's nominated adviser and broker with immediate effect. Under the AIM Rules, if within one month of this resignation, the Company has failed to appoint a replacement Nominated Adviser, the admission of its shares to trading on AIM will be cancelled.
Immediately following their appointment, and following on from an extensive marketing process, the Administrators sold the business and assets of Hexagon and the business and assets of a number of Hexagon's subsidiaries to the Company's management team.