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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| China Food Co. | LSE:CFC | London | Ordinary Share | GB00B290WV95 | ORD 4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMCFC
RNS Number : 2647W
China Food Company PLC
06 November 2014
Press Release 5 November 2014
China Food Company Plc
("China Food", the "Group" or the "Company")
Loan Note Expiry
China Food Company Plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, today announces that it has not redeemed the GBP5.7m of Convertible Loan Notes of GBP1,000 each ("Loan Notes") which were due for redemption on 3 November 2014.
The Company is in contact with a number of Loan Note holders and as previously notified intends to redeem the Loan Notes from the proceeds arising from the sale of either its operating businesses. Without a sale of the operating businesses the Company does not have sufficient funds to redeem the Loan Notes.
As announced on 24 October 2014, the proposed sale of the Company's animal feed and condiments businesses continues. The intended sale of the animal feed business has progressed and the Company has received a credible proposal from management to acquire the animal feed business for net asset value, however completion of any transaction is unable to occur until the condiments business disposal is completed (as the land on which the animal feed business operates is collateralised as part of the overall bank facility with the condiments business). The discussions on the sale of the condiments business continue with a number of parties, one of whom, is undertaking due diligence. No offer has been received at this stage and there is no certainty that any offer will be received for the condiments business.
As announced on 11 July 2014, the Loan Notes have technically been in default following suspension of the Company's shares from trading on AIM on 25 June 2014. Details of the terms of the Loan Notes were announced on 6 September 2013.
A further update will be provided in due course.
- Ends -
For further information:
Hot Features
Premium
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031
454
www.chinafoodcompany.com
finnCap
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20
Finance) 7220 0500
Numis Securities
David Poutney (Broker) Tel: +44 (0) 20
7260 1000
Media enquiries:
Abchurch Communications Henry Harrison-Topham / Canace Tel: +44 (0) 20 Wong 7398 7714 canace.wong@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFVELRLEIIS
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