RDP Radicle Proj.

 

TIDMRDP 
 
RNS Number : 3182N 
Radicle Projects Plc 
09 June 2010 
 

9 June 2010 
                              Radicle Projects plc 
                          ("Radicle" or the "Company") 
 
                                 Trading Update 
 
Radicle Projects, the AIM quoted UK company which owns and operates Australian 
agribusiness assets, has today confirmed that the deferred coupon payment due on 
the 30 June 2010 in respect of Series A Convertible Loan Note (XS0305254939) 
(the "Loan Note") amounting to GBP1.208 million has now been paid to bondholders 
for value 8 June 2010 following a noteholder committee resolution. 
 
As announced on 14 January 2010, Radicle had completed a restructuring of the 
Loan Note following approval by noteholders.  As part of the restructuring the 
coupon interest payment due in December 2009 was deferred until 30 June 2010. 
The next coupon interest payment will be reduced to approximately GBP816,000 
following the Loan Note restructuring, and is due on 31 December 2010. 
 
The Board can also report that the company reorganisation and operating cost 
reductions has resulted in a significant reduction in cash outgoings. 
Nevertheless certain of the Company's assets continue to require on-going 
funding and the Company therefore remains cashflow negative.  Further asset 
sales will be required to continue to finance the Company's operations and 
Radicle expects to be in a position to announce shortly the further sale of 
certain assets as part of the restructuring programme. 
 
 
 
Enquires: 
 
+-------------------------------------------+----------------+ 
| Radicle Projects PLC                      |                | 
+-------------------------------------------+----------------+ 
| Tim Bennett                               | +61 (0) 3 8611 | 
|                                           | 6711           | 
+-------------------------------------------+----------------+ 
|                                           | 020 7016 5300  | 
+-------------------------------------------+----------------+ 
|                                           |                | 
+-------------------------------------------+----------------+ 
| Charles Stanley Securities                |                | 
+-------------------------------------------+----------------+ 
| Nominated Adviser                         |                | 
+-------------------------------------------+----------------+ 
| Russell Cook / Ben Johnston               | 020 7149 6000  | 
+-------------------------------------------+----------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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