Shopping centre group intu has submitted an application for administrators to be appointed, and announced the suspension of trading in its shares.
It follows the collapse of talks with its creditors linked to a June 26 deadline, today.
The group, which owns the Trafford Centre and Arndale shopping centre in Manchester, announced this morning that it was likely intu would be placed into administration.
Shortly before 2pm today (June 26), it announced that application is being made for James Robert Tucker, Michael Robert Pink and David John Pike of KPMG to be appointed as joint administrators to intu and several other key central entities in the intu group.
The appointment is expected to become effective shortly.
In addition, following applications by intu, the Financial Conduct Authority has suspended the listing of intu’s ordinary shares on the premium segment of the Official List and the London Stock Exchange has suspended the trading of intu shares on the main market for listed securities maintained by the London Stock Exchange; and the Main Board of the Johannesburg Stock Exchange has suspended the listing and trading of intu’s ordinary shares on the Main Board of the Johannesburg Stock Exchange, in each case with immediate effect.
The group said its shopping centres continue to trade.