HLS Helesi

TIDMHLS

RNS Number : 8533N

Helesi PLC

12 September 2013

Helesi PLC ("Helesi" or the "Company")

12 September 2013

Resignation of CFO and update re suspension

Helesi announces that Ioannis Tolias the Chief Financial Officer has resigned and left the company. The board would like to thank him for his contribution over the last four years. His responsibilities will be assume by Mrs Christina Thanassoulia member of the BOD, on an interim basis.

On 26 June 2013, AIM temporarily suspended Helesi's ordinary shares from trading pending publication of the company's audited accounts for the year to 31 December 2012. Pursuant to AIM Rule 19, the suspension will remain in place until the Company's accounts have been published and posted to shareholders. The delay in finalising the 2012 audit is principally related to postponement of the consolidation of group's subsidiaries in Greece, Italy and Cyprus. The board expects that the audit will be complete on or around October 2013.

The results for 2012 will reflect the adverse trading conditions as previously guided, particularly in Greece and Cyprus where the financial crisis has not abated. Revenue, EBITDA from ordinary activities, EBITDA after extraordinary loss and net debt are expected to be approximately EUR28,8m, EUR-0- , EUR-2,6m and EUR65,2m respectively.

In addition to the very difficult markets in which Helesi operates, the ongoing high level of indebtedness remains a significant challenge for the company. Helesi's financial situation has not changed materially since its last guidance was released on 28 September 2012. Helesi continues its discussions with its banks about extending the maturity of its borrowings, seeking additional headroom to help fund the growth of the business and renewing its working capital facilities. As disclosed previously, Helesi is in breach of some of its banking covenants. Helesi continues to work in close cooperation with its banks and is carefully scheduling payments, given the limited credit available to the Company and the extended payment terms being seen in the Greek public sector. Helesi is seeking to reach an agreement with its banks within October. The directors remain confident of restructuring Helesi's borrowings, but the Company's ability to continue as a going concern is dependent upon receiving the continuing support of domestic and other financial institutions.

For further information please visit www.helesi.com or contact:

      Helesi PLC                Christina Thanassoulia              +30 22990 82 801 
      Panmure Gordon      Andrew Godber                        +44 (0)20 7886 2500 

This information is provided by RNS

The company news service from the London Stock Exchange

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