Agreement on Financing

 

TIDMCNT 
 
RNS Number : 1336Q 
Connaught PLC 
29 July 2010 
 

                                  Connaught plc 
                         ("Connaught" or the "Company") 
 
                             Agreement on Financing 
 
In its announcement on 26 July 2010, Connaught said that it was in constructive 
discussions with its lenders to secure additional funding.  The Company is 
pleased to announce that it has now agreed with its lenders the terms of an 
additional GBP15 million, short term overdraft facility, together with deferral 
of interest and principal payments due on its existing facilities in July and 
August. The overdraft facility is available immediately. This facility will be 
in addition to its current facilities of GBP200.6 million. 
 
Connaught will continue negotiations with its lenders in the coming weeks with 
the objective of securing, in due course, a restructuring of our financing for 
the longer term. 
 
As previously announced, the Company continues the review of its current year 
trading performance and the implications this may have on its full year 
financial performance. 
 
Commenting, Sir Roy Gardner, Chairman of Connaught said: 
 
"We are delighted by this tangible evidence of support from our lenders. We will 
now seek to put in place arrangements which will leave Connaught on a more 
secure footing for the longer term." 
 
 
 
Contacts 
 
 
+----------------------------------------------+-----------------+ 
| Connaught                                    |   01392 340 667 | 
| Paul Haines                                  |                 | 
|                                              |                 | 
+----------------------------------------------+-----------------+ 
| Finsbury                                     |   020 7251 3801 | 
| Faeth Birch                                  |                 | 
|                                              |                 | 
|                                              |                 | 
+----------------------------------------------+-----------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGRUKVVRRAABURR