Outdoor firm ASG calls in administrators

by Tristan O'Carroll, mediaweek.co.uk 02-Nov-09, 13:55

LONDON - ASG Media, the out-of-home media owner formerly known as Avanti Screenmedia, has called in the administrators.

The company, which has warned for some time that it faces funding problems, said today (2 November) it has appointed Antony Batty and Stephen Evans of Antony Batty & Company to act as joint administrators of the company with immediate effect. It has not disclosed its total debts.

Last month, ASG Media requested a suspension of its shares on the London Stock Exchange while it seeks funding. At the time, ASG said it was in discussion with potential investors to secure the funding required to meet its immediate and longer-term commitments.

The company said it continued discussions with a number of parties, including potential equity investors and existing shareholders,"up until last night (1 November)". It added the directors "were hopeful that funding would be secured".

Avanti Screenmedia changed its name to ASG Media on 31 July, as part of a company restructure. Among the changes, non-executive director Mick Desmond, former chief of ITV Broadcasting, and chief executive Simon Rees, left the company. Rees was effectively replaced by Jamie Ball, who became managing director.