RNS Number : 1404E
Newfound N.V.
24 September 2008
Newfound N.V.
Interim results for the six months ended 30 June 2008
Newfound N.V. ("Newfound" or the "Company") today announces its unaudited interim results for the six months ended 30 June 2008.
Overview
Since its announcement of the 2007 audited full year results, the Company has undergone significant changes. These changes include:
* the appointment of a new management team, led by Jayne McGivern
* the completion of a �15 million fundraising
* the undertaking of a detailed financial and operational review resulting in a restructuring plan which seeks to achieve cost reduction
and preservation of the Company's cash position
* the decision to obtain CCAA protection for certain of the Company's Canadian subsidiaries against creditors to allow such subsidiaries
to be restructured. The CCAA order is intended to protect the Newfound group from Humber Valley Resort's future losses and cash outflows.
The Board firmly believes that these actions have created a platform for future growth, which will be able to take advantage of
opportunities in the Caribbean and hopefully at Humber Valley.
Financial review
For the first six months of 2008, Newfound reported:
* revenues of US$ 10.7 million (2007: US$ 17.0 million)
* an operating loss before exceptional items of US$ 6.2 million (2007: US$ 7.1 million)
* an adjusted loss per share of US 2.9 cents (2007: adjusted loss per share of US 5.9 cents) * a loss before tax for the six
months of US$ 6.7 million before exceptional items and US$ 10.5 million after exceptional items (2007: US$ 7.4 million pre and post
exceptional items)
* exceptional losses in Humber Valley Resort of US$ 3.8 million resulting from further losses on contracts entered into in prior years
Commenting on the results, John Morgan, Interim Chairman, said:
"This has been a difficult period for Newfound during which we have had to make some tough decisions. However, I am confident that the
Company is now on a stronger financial footing and will emerge with renewed strength. We have a stronger balance sheet following our
fundraising and a new and energetic management team who have exciting ideas for the future direction of the Company."
For further information, please contact:
Newfound N.V. 020 7470 2438
Jayne McGivern, CEO
Stephen Bentley, Group
Finance Director
Collins Stewart 020 7523 8353
Adrian Hadden
Lorraine Delannoy
Citigate Dewe Rogerson 020 7638 9571
George Cazenove
Nicola Smith
About Newfound:
Newfound is a property development company that is currently focused on developing international luxury resorts and destinations.
www.newfoundnv.com
CHIEF EXECUTIVE OFFICER'S REPORT
Results
The performance of the Company has been disappointing in 2007 and has continued in the first half of 2008. The loss on ordinary
activities before exceptional items and taxation was US$ 6.7 million for the six month period ended 30 June 2008 (2007: US$ 7.4 million),
whereas the loss before tax after exceptional items for the half year to 30 June 2008 was US$ 10.5 million. The exceptional items of US$ 3.8
million relate to obligations for contracts entered into by Humber Valley Resort Corporation ("HVRC") in previous periods. US$ 7.5 million
of the US$ 10.5 million loss before tax relates to HVRC (2007: US$ 2.0 million). Revenue for the six month period decreased from US$ 17.0
million in 2007 to US$ 10.7 million this year. The decrease in revenue is primarily due to the lower levels of construction activity in
Humber Valley Resort compared to the same period in 2007. The operating performance of Newfound almost entirely relates to the Humber Valley
Resort and central costs as the Caribbean businesses are both yet to contribute any revenue.
Operating review
Appointment of a new management team and fundraising
On 4 July 2008, the Company announced the completion of a $30 million (�15 million) fundraising in order to put the business on a
sounder financial footing. As part of that transaction, I was to be appointed as CEO to turn Newfound around and the management team was
further strengthened with the appointments of Richard Foley as Development Director and Stephen Bentley as Group Finance Director.
Humber Valley
- Review
Following the completion of the fundraising and my appointment, a detailed review of Newfound was launched and of HVRC in particular. This
was led by our new Group Finance Director, Stephen Bentley.
This review was concluded in early September and found that HVRC had not made adequate provision for its business going forward and we
were unable to stem its losses due to contractual obligations. In addition, we also found many contractual breaches made in respect of
earlier contracts of sale, specifically those entered into in 2003 and 2004.
- CCAA process
As a result, and as announced on 8 September, we immediately applied to the court to place HVRC under its protection under the Canadian
Companies' Creditors Arrangement Act ("CCAA"). Newfound is by far the largest creditor of HVRC and there are no cross guarantees in place
from any Newfound group subsidiary or from the Company itself to HVRC.
It is important to note that the protection received under the CCAA process means that, with effect from 5 September, Newfound will not
be obliged or expected to provide more funding to HVRC, with the exception of some short term funding to enable the process to proceed. This
post 5 September funding is by way of a loan to HVRC, which is senior to almost all of HVRC's other liabilities and we expect it to be
repaid during the next few months from the proceeds of the sale of some of HVRC's assets.
Application for the court's protection under the CCAA would have constituted an event of default under the terms of the loan notes
issued in July 2008 and referred to above, and the approval in principle by the noteholders of the CCAA process was therefore obtained in
advance of that application. As previously announced on 8 September 2008, Newfound has agreed to pay to the noteholders the sum of �2
million in consideration for their waiver of the event of default. The terms of the waiver and the fee were approved by the remainder of the
Board, without my involvement.
It is too early to predict what the outcome will be of the CCAA process which may take some months. Nonetheless, there is a possibility
that the outcome will allow us to develop the remaining 1600 acres of the development site in Humber Valley on a contractual basis that
provides an acceptable return to Newfound, HVRC and its creditors. We intend to submit a plan to the appointed monitor for consideration,
during October this year. However, whatever the outcome is, it is clear that by having dealt with the liabilities and by withdrawing from
the loss making activities of HVRC, Newfound will be a much stronger business.
Further announcements will be made when significant steps in the process have been achieved.
St Kitts and Nevis
On a more upbeat note, I am very encouraged by our assets in the Caribbean and believe that they will produce good returns for the Company.
We anticipate that the Nevis scheme will release monies into the Company during the later part of 2009. Following a final payment to the
Nevis Government in July we have full title and anticipate releasing equity from the project once we have exchanged contracts with a hotel
operator. This in turn will enable us to release plots for sale, many of which are pre-reserved. This will allow me to accelerate the change
in emphasis that I plan to introduce in the Company.
Future direction of the Company
Historically, Newfound has focused on developing property in holiday destinations and operating the holiday resorts it had built, in the
expectation of creating a worldwide brand. In future, I would like to see focus not only on major resort developments, but also on more
mainstream property development and investment predominantly in the UK and Europe, and we are investigating this possibility. I believe that
this direction would provide the Company with a more balanced risk profile by reducing the emphasis on resort operations. We will in future
seek third party expertise for resort operations.
The Company is now able to utilise the considerable expertise and experience now available within Newfound since the new team joined in
July. We intend to use reclaimed equity from, and sensible gearing of, the Caribbean assets to release the seed capital necessary to
implement this programme. We will also seek further investment into Newfound to further these aims.
Outlook and strategy
After a short time as CEO, my overall outlook is cautiously positive. Although there are considerable issues with Humber Valley Resort,
we remain hopeful that the CCAA process will allow us to develop the remaining landholdings in Humber Valley Resort on a sound commercial
footing going forward.
To date, the rate at which we sell our completed product has been poor. We have therefore made a strategic decision to change the way
that we sell our existing product. Historically, sales have been handled on the sites (in the Caribbean and in Canada) by in house
employees. Whilst retaining a small number of key staff on all of our sites, we have appointed external international agents to sell and
market on our behalf. We are now able to take our product to a much wider market and compete in the emerging and established global market
place, whilst considerably reducing our overhead.
I am very pleased with our assets in the Caribbean not least because we have the only major development site with a valid planning
consent in Nevis, which is considered to be a prime location. These assets underline Newfound's potential as a sound platform for business
expansion in the property sector. Furthermore, the proposed diversification into more traditional property markets, as described above, will
help balance the portfolio and reduce the risk profile of the business.
Development team
As always, people are the key to any successful business and I am delighted that Richard Foley has joined the Board. His expertise will
be a valuable asset to the Company. He has been recently joined here by a development team whose background and experience in the industry
will be vital as we move forward. We will all be making the most of the various opportunities that the current market conditions present.
Jayne McGivern
Chief Executive Officer
24 September 2008
CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2008 (UNAUDITED)
Half year ended 30 June
2008 2008 2008 2007
Before Exceptional
exceptional items
items (note 5) Total Total
Note US$'000 US$'000 US$'000 US$'000
Revenue 4 10,744 - 10,744 17,010
Cost of sales (7,459) (3,798) (11,257) (12,332)
Gross profit / (loss) 3,285 (3,798) (513) 4,678
Administrative expenses (8,153) - (8,153) (8,994)
Sales and marketing expenses (1,346) - (1,346) (2,818)
Operating loss 4 (6,214) (3,798) (10,012) (7,134)
Finance income 84 - 84 22
Finance costs (561) - (561) (298)
Loss before tax (6,691) (3,798) (10,489) (7,410)
Taxation credit - - - 1
Loss for the period (6,691) (3,798) (10,489) (7,409)
Attributable to:
Equity holders of the Company (6,691) (3,798) (10,489) (7,395)
Minority interests - - - (14)
(6,691) (3,798) (10,489) (7,409)
Loss per share from loss US cents US cents
attributable to equity holders
of the Company
- basic and diluted 6 (4.5) (5.9)
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2007
Year ended 31 December
2007 2007 2007
Before Exceptional
exceptio items
nal Total
items
US$'000 US$'000 US$'000
Revenue 34,051 - 34,051
Cost of sales (24,424) (1,489) (25,913)
Gross profit / (loss) 9,627 (1,489) 8,138
Administrative expenses (20,899) (1,598) (22,497)
Sales and marketing expenses (2,814) (653) (3,467)
Other income 32 - 32
Operating loss (14,054) (3,740) (17,794)
Finance income 47 - 47
Finance costs (910) - (910)
Loss before tax (14,917) (3,740) (18,657)
Taxation credit 56 - 56
Loss for the year (14,861) (3,740) (18,601)
Attributable to:
Equity holders of the Company (14,847) (3,740) (18,587)
Minority interests (14) - (14)
(14,861) (3,740) (18,601)
Loss per share from loss attributable to US cents
equity holders of the Company
- basic and diluted (13.8)
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008
31 December 30 June
30 June 2007 2007
2008
US$'000 US$'000 US$'000
( (
unaudite unaudite
d) d)
ASSETS
Non-current assets
Property, plant and equipment 34,932 34,031 33,226
Trade and other receivables 2,726 543 10,983
Deferred tax assets 1,282 1,318 1,223
38,940 35,892 45,432
Current assets
Inventories 32,094 29,506 24,814
Trade and other receivables 22,188 25,337 17,852
Current tax assets - - 1,321
Customer deposits 81 166 304
Cash and cash equivalents 1,398 8,647 1,599
55,761 63,656 45,890
LIABILITIES
Current liabilities
Trade and other payables (30,651) (27,774) (26,511)
Deferred revenue (4,111) (4,103) (17,801)
Borrowings (16,543) (12,868) (10,441)
Class B and Class C share liability (1,942) (1,747) -
Provisions - - (658)
(53,247) (46,492) (55,411)
Net current assets / (liabilities) 2,514 17,164 (9,521)
Non-current liabilities
Other payables (271) (337) -
Deferred tax liabilities (1,531) (1,574) (1,461)
Deferred revenue (23,348) (21,230) (9,435)
Borrowings (4,420) (6,478) (8,363)
Class B and Class C share liability - (517) (2,283)
(29,570) (30,136) (21,542)
Net assets 11,884 22,920 14,369
EQUITY
Share capital 3,179 3,179 1,626
Premium on shares issued 42,831 42,831 25,348
Other reserves 7,211 7,211 7,211
Translation reserve 699 1,246 539
Loss reserve (51,927) (41,438) (30,246)
Group restructuring reserve 9,891 9,891 9,891
Equity attributable to equity holders of 11,884 22,920 14,369
the Company
Minority interests in equity - - -
Total equity 11,884 22,920 14,369
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 JUNE 2008
Share Premium on Other Loss
capital shares reserve Translation reserve
issued s reserve
US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2007 1,585 22,371 7,211 (611) (22,851)
Issue of capital 41 2,977 - - -
Foreign exchange movement - - - 1,150 -
Loss for the period - - - - (7,395)
Balance at 30 June 2007 1,626 25,348 7,211 539 (30,246)
(unaudited)
Issue of capital 1,553 17,483 - - -
Foreign exchange movement - - - 707 -
Loss for the period - - - - (11,192)
Balance at 31 December 2007 3,179 42,831 7,211 1,246 (41,438)
Foreign exchange movement - - - (547) -
Loss for the period - - - - (10,489)
Balance at 30 June 2008 3,179 42,831 7,211 699 (51,927)
(unaudited)
Group Equity Minority Total
restruct holders interest equity
uring s
reserve
US$'000 US$'000 US$'000 US$'000
Balance at 1 January 2007 9,891 17,596 14 17,610
Issue of capital - 3,018 - 3,018
Foreign exchange movement - 1,150 - 1,150
Loss for the period - (7,395) (14) (7,409)
Balance at 30 June 2007 (unaudited) 9,891 14,369 - 14,369
Issue of capital - 19,036 - 19,036
Foreign exchange movement - 707 - 707
Loss for the period - (11,192) - (11,192)
Balance at 31 December 2007 9,891 22,920 - 22,920
Foreign exchange movement - (547) - (547)
Loss for the period - (10,489) - (10,489)
Balance at 30 June 2008 (unaudited) 9,891 11,884 - 11,884
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 30 JUNE 2008
Six months ended 30 June Year ended 31
December
2008 2007 2007
US$'000 US$'000 US$'000
(unaudited) (unaudited)
Cash flows from operating activities
Cash used in operations (note 7) (5,950) (3,758) (17,579)
Interest received 84 22 47
Interest paid (381) (187) (643)
Tax paid - - 1,309
Net cash used in operating (6,247) (3,923) (16,866)
activities
Cash flows from investing activities
Proceeds from other loans repayments - 48 -
Purchase of property, plant and (662) (2,328) (3,628)
equipment
Disposal of property, plant and - - 417
equipment
Net cash used in investing (662) (2,280) (3,211)
activities
Cash flows from financing activities
Net proceeds from issue of ordinary - 3,018 22,522
share capital
Proceeds from issuance of Class B - 176 186
and Class C preference shares
Proceeds from overdraft and short 128 1,238 1,126
term borrowings
Proceeds from issuance of borrowings 1,327 1,092 3,136
Repayment of borrowings (803) (916) (87)
Finance lease principal payments (688) (661) (1,894)
Redemptions of Class B and Class C (246) (26) (208)
preference shares
Net cash (used in) / generated from (282) 3,921 24,781
financing activities
Net (decrease) / increase in cash (7,191) (2,282) 4,704
and cash equivalents
Exchange (losses) / gains on cash (58) 92 154
Cash and cash equivalents at 8,647 3,789 3,789
beginning of the year
Cash and cash equivalents at end of 1,398 1,599 8,647
the year
NOTES TO THE CONSOLIDATED INTERIM RESULTS
1 General information
Newfound N.V. ("the Company") and its subsidiaries (together "the Group") is a property development company that is currently focused on
developing international luxury resorts and destinations.
The Company is a public limited liability company incorporated in, and registered under the law of, The Netherlands with registered
number N.V. 1386624. The principal legislation under which the Company was formed, and operates, and under which the shares in the Company
have been and will be issued is the Dutch Civil Code and regulations made under the law of The Netherlands. The address of its registered
office is Parkweg 2, 2585JJ Den Haag, The Netherlands.
This report and consolidated interim results are unaudited. The report and consolidated interim results were authorised for issue by the
Board of Directors on 23 September 2008. Non-statutory accounts for the year ended 31 December 2007 were approved by the Board of directors
on 30 May 2008 and distributed to shareholders. The report of the auditors on those accounts was unqualified and contained an emphasis of
matter paragraph in relation to going concern.
2 Basis of preparation
The consolidated interim results for the half year ended 30 June 2008 have been prepared in accordance with the AIM rules. The report
and consolidated interim results should be read in conjunction with the annual financial statements for the year ended 31 December 2007
which have been prepared in accordance with IFRSs as adopted by the European Union.
During the six months ended 30 June 2008, the Group made an operating loss of US$ 10.0 million and had net current assets at 30 June
2008 of only US$ 2.5 million. In early July 2008, the Directors completed a �15 million fundraising through the issue of Secured Notes and
Warrants.
In addition, on 8 September 2008, the Directors announced that Humber Valley Resort Corporation had filed for, and been approved,
protection under the Canadian Companies' Creditors Arrangement Act that will have the effect of stemming the losses incurred by that company
and protecting the Group from those losses.
On the basis of careful consideration of the future cash flow requirements of the Group, including realistic expectations of proceeds
from future sales and outflows to creditors, the Directors have concluded that it is appropriate that the consolidated interim results have
been prepared on a going concern basis.
3 Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 December 2007, as
described in those annual financial statements.
4 Business and geographical segments
Business segments
For management purposes, the Group is currently organised into 2 segments - Development and Operations. These segments are the basis on
which the Group reports its primary segment information. The principal activities are as follows:
Development: land sales and construction and sale of chalets, villas and
apartments.
Operations: resort property rental, flight revenue and costs, activities
income and sales of food and beverages.
Information about these business segments is presented below.
Development Operations Other Total
US$*000 US$*000 US$*000 US$*000
Six months ended 30 June 2008
Revenue 7,590 3,154 - 10,744
Operating loss before exceptional (407) (4,158) (1,649) (6,214)
items
Exceptional items (3,798) - - (3,798)
Operating loss (4,205) (4,158) (1,649) (10,012)
Six months ended 30 June 2007
Revenue 14,929 2,081 - 17,010
Operating profit / (loss) 561 (4,012) (3,683) (7,134)
Year ended 31 December 2007
Revenue 28,282 5,769 - 34,051
Operating loss before exceptional (1,526) (7,039) (5,489) (14,054)
items
Exceptional items (2,534) (391) (815) (3,740)
Operating loss (4,060) (7,430) (6,304) (17,794)
5 Exceptional items
The following exceptional items are included in the results for the half year ended 30 June 2008:
* a charge of US$ 3.8 million within cost of sales relating to losses that will be made on meeting obligations under various
property and construction contracts entered into by HVRC.
In the full year results for 2007, there are exceptional charges relating to:
* a charge of US$ 1.5 million within administrative and sales and marketing expenses in relation to restructuring the Group's
corporate and sales teams;
* a charge of US$ 1.5 million within cost of sales relating to construction losses; and
* a charge of US$ 0.7 million relating to the write down of property, plant and equipment.
6 Loss per share
Half year ended 30 June Half year ended 30 June
2008 2008 2007 2007
Adjusted Total Adjusted Total
US$'000 US$'000 US$'000 US$'000
Loss attributable to (6,691) (10,489) (7,395) (7,395)
equity holders
Number Number Number Number
Basic and diluted 233,884,615 233,884,615 125,973,484 125,973,484
weighted average
number of shares
US cents US cents US cents US cents
Basic and diluted (2.9) (4.5) (5.9) (5.9)
loss per share
Year ended 31 December
2007 2007
Adjusted Total
US$'000 US$'000
Loss attributable to (14,847) (18,587)
equity holders
Number Number
Basic and diluted 134,470,002 134,470,002
weighted average
number of shares
US cents US cents
Basic and diluted (11.0) (13.8)
loss per share
The Company's total issued share capital at 30 June 2008 with voting rights and which is admitted to trading on AIM consists of
179,709,687 ordinary shares of EUR0.01 each, with one vote per share. In addition, the Company has in issue 54,174,928 Special Voting
Shares, which is a separate class of share that is not admitted to trading on AIM. Each Special Voting Share confers the right to cast one
vote at a general meeting and subsidiaries controlled by the Company have in issue 54,174,928 related securities that are exchangeable in
certain circumstances for Ordinary Shares ("Exchangeable Securities").
The total number of voting rights in the Company is therefore 233,884,615 and the above weighted average number of shares has been
calculated as if the Exchangeable Securities had been exchanged into Ordinary Shares.
In calculating the dilutive earnings per share, the weighted average number of shares would be adjusted for the dilutive effect of
outstanding share options. The potential exercise of options has an anti-dilutive effect on the adjusted and total loss per share for 2008
and 2007 due to the losses for the periods. The adjusted loss per share is calculated from the loss attributable to equity holders excluding
exceptional items.
7 Cash flows from operating activities
Reconciliation of loss for the period / year to cash used in operations
Six months ended 30 June Year ended 31
December
2008US$*000 2007US$*000 2007US$*000
Loss for the period / (10,489) (7,409) (18,601)
year
Adjustments for:
Tax credit - (1) (56)
Finance costs 561 298 910
Finance income (84) (22) (47)
Depreciation 644 863 2,137
(Gain) / loss on (255) - 196
disposal of property,
plant and equipment
Other non-cash - - 137
movements
Changes in working
capital:
Decrease in customer 85 329 467
deposits
Decrease in trade and 1,147 7,524 13,325
other receivables
Increase in inventory (2,487) (869) (6,214)
Increase / (decrease) 3,345 (5,508) (8,294)
in trade and other
payables
Increase / (decrease) 1,583 1,301 (607)
in deferred revenue
Decrease in provisions - (264) (932)
Cash used in operations (5,950) (3,758) (17,579)
8 Events occurring after the balance sheet date
Fund raising
As announced on 4 July 2008, the Company has successfully completed a �15 million fundraising through the issue of 8% Guaranteed Secured
Loan Notes due 2011 with Warrants. The Warrants allow the holder to subscribe for up to 124,999,800 Ordinary Shares in Newfound N.V. at a
subscription price of 12 pence per share during the three years from July 2008. The funds have been used to repay certain indebtedness of
the Group, to provide new working capital to the Company and to fund its operational restructuring.
As the funding took place after 30 June 2008, the balance sheet as shown in these financial results does not reflect the impact of the
fundraising. However, the table below shows a pro forma balance sheet for the Group as if the fundraising and related repayments of debt had
taken place on 30 June 2008.
As at 30 June 2008 Fund raising (net of Repayment of debt Pro forma
expenses)
US$ million US$ million US$ million US$ million
Non-current assets 38.9 - - 38.9
Current assets 55.8 25.6 (8.9) 72.5
Current liabilities (53.2) - 8.9 (44.3)
Non-current liabilities (29.6) (25.6) - (55.2)
Net assets 11.9 - - 11.9
In addition to approving the issue of the Guaranteed Loan Notes with Warrants, the Annual General Meeting also approved the remuneration
policy of the Board including an option scheme that could increase the share capital of Newfound N.V. by 20%.
Humber Valley Resort Corporation
As announced on 8 September 2008, the application by Humber Valley Resort Corporation ("HVRC"), a wholly owned subsidiary of the Group,
for protection against creditors under the Canadian Companies' Creditors Arrangement Act ("CCAA") was approved. This order provides for a
period up to 6 October 2008 during which HVRC will develop a plan of compromise or arrangement ("Plan"). This will be put to its secured and
unsecured creditors to consider and approve, before the agreed Plan is put to the Court for its approval. The Court will require that the
Plan is accepted by 50% of each class of creditors in number and by 66.6% by value for the Plan to be approved.
In order to provide shareholders with further information about the potential impact of the CCAA process, the table below shows a split
of the Group's balance sheet between HVRC and the rest of the Group as at 30 June 2008 and before the impact of the fundraising on 4 July
2008.
HVRC Rest of Group Total as reported
US$ million US$ million US$ million
Non-current assets 28.3 10.6 38.9
Current assets 21.3 34.5 55.8
Current liabilities (32.1) (21.1) (53.2)
Non-current liabilities (4.3) (25.3) (29.6)
Inter-group borrowing by HVRC (40.3) 40.3 -
Net (liabilities) / assets (27.1) 39.0 11.9
As shown above, the net assets of the Group excluding HVRC include a $40.3 million intercompany loan to HVRC that may not be fully
recoverable. In addition, as announced on 8 September 2008, Newfound N.V. has agreed to issue the holders of the Guaranteed Loan Notes
("Noteholders") with �2 million of non-interest bearing debt secured on the assets of the Group in consideration for the Noteholders waiving
the potential default due to the CCAA process under the agreement with the Noteholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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