Update re proposed sale of the Welsh sites (1369H)
May 24 2011 - 2:01AM
UK Regulatory
TIDMEFD
RNS Number : 1369H
Eatonfield Group plc
24 May 2011
24 May 2011
Eatonfield Group plc
("Eatonfield" or "the Group")
Update re proposed sale of the Welsh Sites
On 12 May 2011, the board of Eatonfield announced its view that
discussions prior to exchange of contracts for the sale of the
Welsh sites were in the final stages. The board had reasonable
grounds to believe that exchange of contracts, on the terms
previously set out, for the sale of the Welsh sites to Trilandium
LLP was imminent. The board can confirm that as a result of a
number of changes to the terms that were subsequently requested at
a late stage in negotiations, the board's discussions with regard
to the sale of the Welsh sites have been terminated with effect
from 23 May 2011.
The board is now in discussions with the Group's lenders with a
view to establishing whether there are any alternatives to the sale
of the Welsh sites that may present a viable way forward for
Eatonfield. The board is currently working on a proposal to put to
its lenders by the end of this week. As notified on 24 December
2010, in Eatonfield's annual report and accounts for the year ended
30 June 2010, as well as in other announcements, many of the
Group's existing facilities have expired and are technically
repayable on demand. The board confirms that, as at the date of
this announcement, none of the Group's lenders have issued a demand
for repayment of the facilities currently in use. The Group's
working capital position remains as outlined on 12 May 2011, namely
that the board expects Eatonfield's existing financial resources to
provide it with sufficient working capital until the end of this
month.
The board will make a further update announcement on or before
31 May 2011. In the meantime, the board can confirm that the
Group's planned equity fundraising, which was dependent on the sale
of the Welsh sites taking place, has been postponed until further
notice.
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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