EFD Eatonfield

TIDMEFD

RNS Number : 0049C

Eatonfield Group plc

28 February 2011

28 February 2011

Eatonfield Group plc

("Eatonfield" or "the Group")

Working capital funding update

On 1 February 2011, the board of Eatonfield announced that the Group had sufficient working capital funding through to late February 2011. The board can confirm that terms have been agreed for a short-term loan to be made available to the Group, to be secured on a previously unencumbered property. Eatonfield also 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 March 2011.

The board believes that the previously notified negotiations for the sale of the Group's Welsh land portfolio and agreement of related follow-on housebuilding contracts are nearer to being finalised, with the consent of the Group's lenders to these arrangements being the main condition outstanding to be satisfied prior to completion. Following conclusion of these negotiations, the board repeats its intention to seek agreement to similar arrangements for the Group's Corus and Birkwood sites as well as pursue plans to raise further equity. The board also confirms that all of the Group's existing bank facilities remain available at the date of this announcement.

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

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