ADESTE MANAGEMENT SERVICES LIMITED
Previous company name
ADESTE MANAGEMENT SERVICES PLC
Name change date
Adeste Investments PLC, formerly Resurge PLC, is a public limited turnaround company established to support the recovery of businesses in financial difficulties. The company takes stakes in and supports the recovery of turnaround situations where potential exists to achieve a significant uplift in financial performance of a business in financial difficulty. The company was incorporated in July 2001 and has its registered office in London, United Kingdom.
Adeste Investments PLC focuses principally on businesses which have suffered a financial setback, and where the introduction of additional specialist management, disciplined trading practices and additional structured financing, as required, results in an early return to financial stability and growth to the business. Adeste Investments PLC’s financial instruments comprise cash, bank overdrafts, loans receivable and payable, equity shares, contracts for differences, and various items, such as trade debtors and trade creditors that arise directly from its operations.
The Resurge Plc’s has been established to support the recovery of businesses in financial difficulties.
Description and history
Resurge Plc’s is a turnaround finance company, taking stakes in, and supporting the recovery of, turnaround situations where potential exists to achieve a significant uplift in financial performance. Target companies are identified from a cross-section of business sectors in order to minimise risk.
Resurge focuses principally on businesses which have suffered a financial setback of some kind, and where the introduction of additional specialist management, disciplined trading practices and additional structured financing, as required, results in an early return to financial stability and growth.
The company published its prospectus on 11 September 2001. Despite the period of extreme financial uncertainty which followed the tragic events in the USA, the company’s strong board, combined with its strategy, resulted in GBP2.3 million being raised by way of a placing and admission to the Alternative Investment Market.
Since the company’s flotation we have been inundated with business proposals emanating from companies, banks, insolvency practitioners and specialist lending vehicles. These proposals have variously required finance, advice, management skills and company re-structurings, all of which form part of Resurge’s capabilities.
Re-Admission to Trading on AIM:
On 8 March 2005, following the appointment of administrative receivers at Chesterton International Limited (‘Chesterton’), the Directors of the Company requested the suspension of dealings in ordinary shares of the Company on AIM. On 14 March 2005 the Company received a demand for immediate payment of Ј1,591,494 plus interest from NatWest under a guarantee relating to certain borrowings of Chesterton from NatWest. On 17 March 2005 NatWest issued a statutory demand on the Company in the amount of Ј1,624,936. The Directors consulted with Kaloshar, the secured creditor of the Company. As a result Kaloshar, as the secured creditor, took steps to place the Company in administration and on 30 March 2005, Anthony Batty was appointed as
Administrator under the Insolvency Act 1986.
Following the sale of some of the Chesterton businesses and realisation of the other assets that secured the borrowings owing to NatWest, NatWest has withdrawn its claim against the Company under the guarantee mentioned above. The Administrator has taken account of the release of the NatWest claim to reassess the financial position of the Company and the objectives of the
Administration. The Administrator has determined that, as a result of the withdrawal of Natwest’s claim and with the support of the creditors, including Kaloshar which has agreed to the proposed restructuring of the Secured Indebtedness, the Administration ceased with effect from 6 September 2005.
SUSPENSION OF TRADING:
In accordance with the AIM Rules governing investing companies introduced on 17 March 2005, the Company’s shares have been suspended on the grounds that Adeste has not substantially implemented an investing strategy. The Company will apply to AIM for the shares to be restored to trading when it is held that such an implementation has taken place.
In the event that the Company has not implemented an investing strategy within six months, the trading of shares in the Company on AIM will be cancelled under AIM Rule 41.
The cancellation of listing and admission to trading on AIM took effect on 10 April 2007.
Established to support the recovery of businesses in financial difficulties
Takes stakes in and supports the recovery of turnaround situations where potential exists to achieve a significant uplift in financial performance of a business in financial difficulty
FRAYLING FURNITURE LIMITED
US SIC Code
43, North Audley Street
City province or state postal code
W1K 6WH, LONDON
Phone: +44 20 7233 1006
Fax: +44 20 7222 4200
Country address: UNITED KINGDOM
Website url: www.resurgeplc.com