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LONDON - Totally plc, the parent company of a group of healthcare service providers, announced today its intention to appoint administrators after a strategic review failed to secure solvent offers for the company. The board has chosen to file a notice of intention to appoint Tim Vance and Sam Woodward (NASDAQ:WWD) as Joint Administrators to protect the interests of creditors.
The decision follows a series of announcements earlier in May which detailed the company’s search for viable solutions. Despite efforts supported by professional services firm Ernst & Young, no sustainable bids emerged for the parent company. It is important to note that this development pertains exclusively to Totally plc and does not affect the trading subsidiaries within the group, which will continue their operations as usual.
Concurrently, the board has requested an immediate suspension of trading of the company’s ordinary shares on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange (LON:LSEG).
Further complicating the situation, Canaccord Genuity Limited has resigned as the Nominated Adviser and Broker to Totally plc in response to the administrative proceedings. According to AIM Rule 1, the company’s shares will be delisted from trading if a new Nominated Adviser is not appointed within one month. Totally plc has indicated that it does not intend to seek a replacement adviser at this time.
This news comes as a significant development for Totally plc and its stakeholders. The company’s focus now shifts to the administration process and the potential sale of its trading subsidiaries. Additional information regarding these sales processes will be disclosed in due course.
The information in this article is based on a press release statement from Totally plc.
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