THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
30 November 2022
Hawkwing plc
("Hawkwing" or the "Company")
Further update on Hawkwing loan to IFG (SPP)
Further to the announcement on 27 October 2022, the Company has today appointed Graham Paul Bushby, Nicholas John Edwards and Matthew Robert Haw, of RSM UK Restructuring Advisory LLP, as Joint Administrators to Shade Ltd and Northcore Limited. These appointments have been made to take steps to protect the Company's secured interests and thus its ability to recover IFG (SPP)'s indebtedness to the Company as more particularly described below.
IFG (SPP) currently owes the Company £13.7m together with interest, costs and exit premiums.
The Company will give a further update to the market in due course on the administration process.
Important Notices
This announcement contains 'forward‐looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward‐looking statements. These forward‐looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward‐looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward‐looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward‐looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.
Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.
Enquiries:
| Hawkwing plc | |
| Keith Sadler, Senior Independent Non-Executive Director | +44 (0)20 4582 3500 |
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| Gracechurch Group | |
| Harry Chathli, Alexis Gore | +44 (0)20 4582 3500 |
About Hawkwing plc
For more information, please refer to the Company's website: www.hawkwing.co
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