June 20, 2019 / 2:15 PM / 3 months ago

UPDATE 1-Paragon Entertainment to appoint administrators as cash runs out, CEO resigns

(Adds details, background)

June 20 (Reuters) - Paragon Entertainment said on Thursday it did not have enough cash to run its operations or pay its dues and the company has decided to appoint administrators as soon as possible, while its top boss resigned.

The company, which has designed visitor attractions and experiences such as The Rolling Stones Exhibitionism at the Saatchi Gallery, said Chief Executive Damien Latham has resigned with immediate effect.

Last week, Paragon trimmed the top end of its forecast for full-year revenue, while widening the company’s pretax losses expectations, which sent shares falling as much as 28% on the day.

Paragon Entertainment said it did not have enough cash to continue operations and to pay its creditors, including HSBC.

Once appointed, the administrators would look for buyers for Paragon Entertainment’s business and assets, the company said.

The AIM-listed company, which has a market capitalisation of about 2.5 million pounds ($3.2 million), also said trading of its shares had been suspended. ($1 = 0.7881 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by James Emmanuel)

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