Flowgroup plc General Meeting (4883M)
April 30 2018 - 2:02AM
UK Regulatory
TIDMFLOW
RNS Number : 4883M
Flowgroup plc
30 April 2018
Flowgroup plc
("Flowgroup" the "Company")
General Meeting
Flowgroup plc (AIM: FLOW) announces that the General Meeting
that took place on 27 April 2018 was adjourned in the context of
further discussions involving Co-operative Energy Limited ("Co-op
Energy") and the Company's creditors and will reconvene at 12 noon
on 30 April 2018. Those discussions have clarified the terms of the
Co-op Energy transaction within the range of expected adjustments.
The changes would result in increased returns to the Company's
junior secured creditors but there would continue to be no return
to ordinary shareholders. The Co-op Energy transaction has the full
support of the Company's senior secured creditor.
The Company remains in discussions with its secured creditors
regarding contingency plans should the Co-op Energy transaction not
be approved by shareholders. As part of this, the Board discussed
with creditors a potential alternative contingency plan (developed
by the Board at the request of, and in consultation with, junior
secured creditors who considered that such a plan had the potential
to generate greater returns to them than the Co-op Energy
transaction ) to transfer customers to another established
challenger energy provider. However, those discussions have failed
to achieve the level of alignment between secured creditors which
would be necessary to enable that contingency plan to proceed.
Although there are no foreseeable outcomes which would result in
any return to ordinary shareholders, the Board continues to
consider that the Co-op Energy transaction is the best deliverable
option available to the Company.
Enquiries:
Flowgroup plc www.flowgroup.uk.com
Alan Lovell, Chairman Tel: +44 (0)20 3817
3637
Nigel Canham, Chief Financial Officer
Smith Square Partners LLP (Financial
adviser) +44 (0)20 3696 7260
Jonathan Coddington / Matt Alexander
Cenkos Securities plc (NOMAD and Tel: +44 (0)20 7397
Broker) 8900
Stephen Keys/Mark Connelly/Callum
Davidson (Corporate Finance)
Walbrook PR Ltd (Media Tel: +44 (0)20 7933 8780 or
Relations) flowgroup@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Nick Rome Mob: +44 (0)7748 325 236
This information is provided by RNS
The company news service from the London Stock Exchange
END
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