China Food Company PLC Default of Loan Notes (0945M)
11 Juli 2014 - 11:45AM
UK Regulatory
TIDMCFC
RNS Number : 0945M
China Food Company PLC
11 July 2014
Press Release 11 July 2014
China Food Company Plc
("China Food", the "Group" or the "Company")
Default of loan notes
Following suspension of the Company's shares to trading on AIM
on 25 June 2014, the Company is now technically in default under
the terms of the GBP5.69 million of loan notes outstanding.
The Company is in contact with a number of loan note holders and
as previously notified expects to redeem the loan notes from the
proceeds arising from the sale of its operating businesses.
- Ends -
For further information:
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031
454
www.chinafoodcompany.com
finnCap
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20
Finance) 7220 0500
Numis Securities
David Poutney (Joint Broker) Tel: +44 (0) 20
7260 1000
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Canace Tel: +44 (0) 20
Wong 7398 7714
canace.wong@abchurch-group.com www.abchurch-group.com
Notes to Editors:
China Food is a well-established food manufacturing business
based in Shandong province in the People's Republic of China, a
region with a population of circa 94 million. A recent report
identified Shandong province as one of the five most attractive
'city clusters' in China, due to the high number of large cities in
the province*. The Group manufactures numerous different product
lines including soya sauce and bean paste, all targeting the
Chinese domestic market, and sold through a network of distributors
and outlets of supermarket chains in the north-eastern region of
the PRC, such as Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected
to be worth CNY115 billion (US$15 billion) by 2013, driven by
Chinese population growth and economic prosperity. The Chinese
domestic market is rapidly expanding, and the Group is well
positioned to benefit from China's demographic growth and increased
urbanisation.
The Group's operations are highly scalable and able to support
further growth, and with net assets of GBP32 million (as at 30 June
2013), the prospects for China Food are strong. Further information
on China Food Company can be found at www.chinafoodcompany.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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