Edinburgh, 30 June 2008: Ardana PLC announces that, at its own request, trading in the Company's ordinary shares was suspended with effect from 16.25 on Friday 27 June 2008, following which the Board has agreed to appoint Mr David Duggins and Mr Tom Burton of Ernst & Young LLP to act as Administrators of the Company from today.
The Board of Ardana has taken these steps after it became apparent that a possible refinancing or a possible sale or merger under discussion could not be completed within a timeframe during which the Board believed the Company would have sufficient cash reserves to continue trading. All discussions were terminated by the afternoon of Friday 27 June.
The Company has over recent months been in a number of licensing discussions for individual development products, however the Board have also concluded that these potential transactions could not be completed within the time available before exhaustion of the Company's cash resources.
As a result, the Board of Ardana has taken advice and with great regret no longer believes that the Company is in a position to continue its operations. It is expected that the appointment of administrators will formally occur later today, following which the Administrator will take such measures as they believe appropriate including continuing to seek a buyer for the Company and its assets.
For further information please call:
Mr David Duggins, Ernst & Young LLP
One Colmore Square, Birmingham, B4 6HQ, United Kingdom
Telephone: +44 (0)121 535 2656
Michelle Wolf, Ernst & Young LLP
Telephone: +44 (0)207 980 0043