Network systems integrator Maddox Group Plc, London says it has received approaches which may lead to an offer for all or part of the company. Maddox also said it has been informed by US company Lantek Electronic Inc that its C&F unit, which Maddox sold to Lantek in June, into administrative receivership – that is material because Maddox guaranteed the overdraft of C&F up to UKP3m and has given guarantees relating to its lease obligations and trading. C&F’s current overdraft is said to be about UKP1.7m, against which it has debtors of about UKP2m. While the directors of Maddox can make no comment on the collectibility of these debts, it is their view that any liability under the guarantee will be limited, the company said. Maddox says it is currently updating its valuation of its investment in Lantek which comprises various preference shares, preferred stock and loan notes. In its accounts for the year ended December 31 last, the investment was valued at UKP15.1m of which UKP5.63m related to the investment in C&F. Maddox also sold Seacoast Electric Inc to Lantek; no word on any troubles there.
