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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cosentino Regs | LSE:MCOZ | London | Ordinary Share | GB00B0PFWS12 | ORD 1P (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMCOZ RNS Number : 9809Q Cosentino Signature Wines plc 12 August 2010 Cosentino Signature Wines plc Operational Update Cosentino Signature Wines plc ("Cosentino" or the "Company"), the AIM listed, ultra-premium brand Napa Valley based wine company, would like to update the market on recent developments in the business. As previously announced, the Company had received two signed term sheets from two separate lenders to refinance its current senior and subordinated debt along with providing the required working capital necessary to adequately operate its business. Unfortunately, one of the two lenders failed to perform under the terms of the term sheet and the Company was therefore unable to complete the planned refinancing. In addition, although the Company's formal forebearance agreement with its existing lenders has terminated, the Company continues to maintain good relations with them. Following this disappointment, the Company has been negotiating with a new potential lender. The Company believes that the new potential lender is near the completion of its due diligence process. Operations continued to perform solidly despite the difficult general economic environment. Over the first six months of 2010 wholesale sales increased by around 30% over the same period in 2009 and retail sales increased by 4%. The Company has, however, taken the decision to cease its custom crush operations due to a lack of space, but with a view to recommencing the operations once the refinancing is completed. Overall gross margins of approximately 71% remain unchanged from the previous year and operating expenses have been further reduced by 13% over the previous year. EBITDA for the first six months of 2010 has increased by 34% over the EBITDA for 2009. The Company will update the market as appropriate upon further developments. Cosentino Signature Wines plc Larry Soldinger, Chairman - 001 847 726 8100 Seymour Pierce Jonathan Wright - 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END MSCZMGMRGZVGGZM
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