Vantis in administration - Oh, the irony!
Vantis PLC has today appointed administrators. The shares remain suspended and trading in the shares is not expected to recommence.
Vantis has issued the following statement:
"The Board of Vantis announces that it has appointed administrators to the Group with immediate effect.
The directors have vigorously explored every available option to reduce the level of debt in the Group. However, given the lack of progress to date with these options and the Group's ongoing funding requirements, the Board has today appointed Chad Griffin and Simon Granger of FTI Consulting as Joint Administrators of the Group.
The Board also announces that Investec Investment Banking has today resigned as the Group's NOMAD and accordingly, under Rule 1 of the AIM Rules for Companies, if the Group has not appointed a new NOMAD by 7.00 a.m. on 30 July 2010 the admission of the Group's ordinary shares to trading on AIM will be cancelled. The Board has no current intention to appoint a new NOMAD."
There are rumours to the effect that TENON may purchase parts of Vantis and that other offices will be purchased by the partners resident in them.
Hopefully the employees' jobs will, for the most part at least, be preserved.
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