LONDON (Thomson Financial) - Biocare Solutions PLC said it is in talks with
RAB Special Situations (Master) Fund Ltd to extend its loan facility to pay off
the contractors and suppliers that helped construct its new plant at Ferrandina,
and for its short-term working capital requirements.
The nutrition and biological science company said talks also continue with
RAB to restructure short-term loans of a combined 2 mln stg previously drawn
down by the company.
Biocare said it continues to explore a number of avenues to access
additional capital to secure a more stable long-term future for the business.
The directors have deferred their salaries and "all other practicable steps"
have been taken to minimise the running cost of the business and maximise the
time to achieve a "satisfactory" medium-to-long term financial platform for the
business, it said.
Biocare also said that it is hoping for an order from a major Italian
retailer for a range of private label trigger products in the second quarter.
Estimated volumes for the private label trigger products, on an annualised
basis, are likely to be equal to about 70 pct of production for the whole of
last year, the company said.
RAB Special Situations is a fund managed by RAB Capital PLC and a
substantial Biocare shareholder.
TFN.newsdesk@thomson.com
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