Working Capital Funding Update (5065G)
12 Mai 2011 - 4:00PM
UK Regulatory
TIDMEFD
RNS Number : 5065G
Eatonfield Group plc
12 May 2011
12 May 2011
Eatonfield Group plc
("Eatonfield" or "the Group")
Working capital funding update
On 20 April 2011, the board of Eatonfield announced that the
Group had sufficient working capital funding through to early May
2011. This was on the basis that (i) Eatonfield continued to defer
payment of amounts due to certain of its senior lenders and trade
creditors; (ii) exchange of contracts for the previously notified
sale of the Welsh sites was imminent; and (iii) following exchange,
the Group would have access to the new GBP0.25 million RBS working
capital facility.
Exchange of contracts for the sale of the Welsh sites has not as
yet taken place. The board remains of the view that discussions
prior to exchange are now in the final stages. The terms of the
proposed transaction are also as previously described in the
Group's 11 April 2011 announcement. The board also confirms that,
as at the date of this announcement, the new RBS facility remains
available to the Group pending exchange.
In light of the above matters, Eatonfield continues to defer
payment of amounts due to certain of its senior lenders and trade
creditors. On the basis that the relevant lenders and trade
creditors do not demand payment in the short-term and that
Eatonfield continues to receive their support, the board now
expects that the Group's existing financial resources will provide
it with sufficient working capital funding until mid to late May
2011.
The board confirms that all of the Group's existing bank
facilities remain available at the date of this announcement. The
Group's program of presentations to potential equity investors is
also ongoing as at the date of this announcement and a further
update will be provided in due course.
For further information please contact:
Eatonfield Group plc Tel: +44 (0)1829 261 910
Brian Corfe (Executive Chairman)
Rob Lloyd (Group Chief Executive)
Duncan Syers (Group Finance Director)
Evolution Securities Limited Tel: +44 (0)113 243 1619
Joanne Lake/Peter Steel
Optiva Securities Limited Tel: +44 (0)203 137 1904
Jeremy King
Threadneedle Communications Tel: +44 (0)207 653 9850
Graham Herring/John Coles
End
This information is provided by RNS
The company news service from the London Stock Exchange
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