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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Connaught | LSE:CNT | London | Ordinary Share | GB00B139BQ35 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCNT RNS Number : 8809P Connaught PLC 26 July 2010 Connaught plc ("Connaught" or the "Group") Update Cash position In the Interim Management Statement of 8 July 2010 the Board stated that it would monitor cash levels with vigilance. Following a detailed review undertaken by the Group and its advisors, it has identified an urgent requirement for additional funds to meet the current and ongoing needs of the business, in part caused by additional pressure from suppliers and sub-contractors. The Group has also concluded that net debt will be significantly in excess of the previously advised level of GBP120m at its year end of 31 August 2010 and that it will breach its banking covenants. It has therefore entered into negotiations with its lenders to secure additional funding and these discussions have been constructive. Concurrently, the Group is undertaking a review of its current year trading performance and the implications this may have on its full year financial performance. The Group expects to make a further announcement as soon as appropriate regarding its funding position. Management changes Sir Roy Gardner, Non-Executive Chairman of the Group since 5 May 2010 is making a number of new appointments aimed at strengthening the management team. Stephen Billingham, the former Finance Director of British Energy Group plc and W S Atkins plc has joined the Group to work for the Chairman on financial and funding matters. Roger Wood, the former Managing Director of British Gas Services and Managing Director of the AA business, is chairing a steering committee responsible for Connaught's operational efficiency programme, focussing on the delivery of significant cost savings. Michael Young, who was Corporate Affairs Director at Centrica plc and Director of Corporate Policy and Communications at Compass Group plc, will be advising the Board on communication and reviewing management processes. Chris Sellers, the Group's Business Development Director, who previously held operational roles at Capita, Agilisys and Shell, has assumed the full operational role of acting Chief Executive of the Social Housing business. Comment Sir Roy Gardner commented "These are challenging times for Connaught. We are fortunate that we have been able to attract a number of senior and experienced individuals to support the company at this time and we welcome the constructive discussions with our lenders. We continue to place great importance on the solid relationship we have built with our supply chain and customers and the continuing support we receive from our employees." For further information, please contact: +----------------------------+----------------------------+ | Connaught | | | Paul Haines, Group PR | 01392 340 667 | | Manager | | +----------------------------+----------------------------+ | Finsbury | 020 7251 3801 | | Faeth Birch | | | Gordon Simpson | | +----------------------------+----------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCBELLLBDFLBBB
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