RAME Rame Energy

TIDMRAME

RNS Number : 3618G

Rame Energy PLC

05 August 2016

Rame Energy plc

("Rame" or the "Company")

Appointment of Administrators

On 28 April 2016, the Company announced that it was seeking to raise GBP2.8 million via a non-brokered fundraising. Due to difficult market conditions and the outcome of the UK referendum on exiting the European Union, the Company has been unable to complete the fundraising. As a result, the directors, having taken advice, have concluded that the group can no longer continue to trade on a solvent basis. They have, therefore, appointed Andrew Beckingham and Colin Prescott of Leonard Curtis Recovery Limited as Joint Administrators of the Company on 4 August 2016.

The directors intend to work with the Joint Administrators to resolve the immediate liquidity issues of the group and maintain Rame as a going concern if possible.

On 1 July 2016, the Company's shares were suspended from trading on AIM as the Company was not in a position to publish its audited annual report and accounts ("Annual Report") within the timeframe laid out by the AIM Rules for Companies. That suspension will remain in place until such time as the Company is able to publish its audited Annual Report.

Further announcements will be made by the Company as appropriate.

Enquiries:

 
Leonard Curtis Recovery Limited                           via Rame 
 (Administrators) 
 Andrew Beckingham 
 Colin Prescott 
 
                                                          +44 (0) 1752 
Rame Energy plc                                            565638 
Tim Adams, Chief Executive Officer 
 Kevin McNair, Chief Financial 
 Officer 
 
Cantor Fitzgerald Europe (Nominated Adviser and Broker)   +44 (0) 20 7894 7000 
Andrew Craig 
 Richard Salmond 
 
Tavistock (Financial PR)                                  +44 (0) 20 7920 3150 
Simon Hudson / James Collins / Claudia Esnouf 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFIRTVIEIIR

(END) Dow Jones Newswires

August 05, 2016 02:06 ET (06:06 GMT)

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