Inter-company row leads to MWB Group suspending listing
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Private equity interest in the Hotel du Vin and Malmaison chains is expected to result in an outright sale of the whole hotel business rather than an equity stake as a result of the MWB Group’s parlous financial state.
Shareholders will end up with nothing if the hotel and serviced office group cannot resolve a potential fatal row over inter-company loan payments with its 75 per cent-owned subsidiary, MWB Business Exchange.
The group suspended its shares 31 October and 9.75 per cent unsecured loan stock due 2016 after the serviced office operator said it would stop making contracted monthly payments.
The group has entered crisis talks with Lloyds, its primary lender.
The company was due to publish its accounts for the year ended 30 June 2012 no later than 31 October 2012. However, the Board concluded it could not publish within the required timefame and requested an immediate suspension of listing and trading of its shares and loan stock.
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2 Nov 12
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