Hume Capital Securities PLC Share Suspension (1358H)
March 11 2015 - 4:41AM
UK Regulatory
TIDMHUME
RNS Number : 1358H
Hume Capital Securities PLC
11 March 2015
11 March 2015
Hume Capital Securities plc ("Hume" or the "Company")
Share Suspension
The Board of Hume announces that it has requested that trading
in its shares be suspended today.
In the last annual accounts it was stated that a further
significant equity capital injection into the Company would be
required in 2015. Substantial cost savings have been made in the
business since last June, when the planning for the refinancing
began. It has, however, become apparent that the legacy losses and
costs of the business are too high and the current revenue
generation of the business too low to resolve the capital shortfall
to the satisfaction of our regulators without a capital injection
at a level which is a significant multiple of that which was
envisaged last June.
Whilst the pipeline of potential new business across all
divisions is now looking stronger than it has for some time, the
timing of potential revenue receipts is nevertheless too far out or
too uncertain to tide the business over in the short term. The
Board has therefore reluctantly concluded, after consulting with
the cornerstone investors and debt providers who have supported the
business to date, that an underwritten fundraising at a level
likely to provide the requisite capital and satisfy the Company's
primary regulator for its authorised business is not commercially
viable. Accordingly the Company's financial position is now
unclear. The Board will make a further announcement as soon as
practicable.
Enquiries:
Hume Capital Securities plc
Guy Peters (Chief Executive Officer) 020 3693 1492
Grant Thornton UK LLP, Nominated Adviser
Philip Secrett /Melanie Frean/ Jamie Barklem 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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