PEL Paragon Entertainment Limited

TIDMPEL

RNS Number : 9299C

Paragon Entertainment Limited

20 June 2019

Date: 20 June 2019

On behalf of: Paragon Entertainment Limited ("Paragon", the "Company" or the "Group")

Paragon Entertainment Limited

Notice of Intention to Appoint Administrators

Suspension of trading on AIM

Resignation of CEO

Paragon Entertainment Limited (AIM: PEL), the attractions design, production and fit-out business, announces that following discussions with its lending bank, HSBC, the Board has resolved to appoint administrators to the Company as soon as possible.

The Company does not have sufficient cash resources to continue to trade and to pay its creditors as they fall due.

Suspension of Trading on AIM

In the light of the above and the operational and financial uncertainty which the Company now faces, and in order to protect both shareholders and creditors, the Board has taken the decision to place the Company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the Company's business and assets on a going concern basis.

As a result, the Board announces it has requested a suspension of trading in its shares on AIM with effect from 2.00 p.m. on 20 June 2019.

Resignation of CEO

Damien Latham, CEO of the Company, has resigned from the Company with immediate effect.

- ENDS -

 
For further information: 
 
 Paragon Entertainment Limited 
 Mark Taylor (Chairman) 
 
 finnCap Ltd                               01904 608020 
 Julian Blunt / Simon Hicks (corporate 
 finance) 
 Alice Lane (corporate broking)            020 7220 0500 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 20, 2019 09:00 ET (13:00 GMT)

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