RNS Number : 9094Q
Luminar Group Holdings PLC
26 October 2011
Luminar Group Holdings PLC
("Luminar" or the "Company")
As previously announced, the waiver of certain covenants in the Company's three year banking facility with Lloyds Tsb Bank plc, Barclays Bank plc and the Royal Bank Of Scotland plc (the "Banking Group") originally granted on 11 May 2011 and subsequently extended expires on 27 October 2011. During the waiver period the Company has continued to investigate longer term restructuring options in discussion with the Banking Group and other stakeholders.
The Banking Group has today informed Luminar that it will not grant an extension to the waiver when it expires. Absent such waiver, the Company is unable to meet certain of its repayment obligations to the Banking Group which fall due on 27 October. As a result it will also be unable to issue its half-yearly financial report covering the first six months of the financial year on a going concern basis on that date as required by the Disclosure and Transparency Rules.
Accordingly, the Directors of Luminar have no option but to take steps to place the Company and certain of its subsidiaries into administration and to request the UKLA to suspend trading in Luminar's shares with immediate effect.
26 October 2011
|Just seen the rns...as predeicted share price to be zero soon.RIP LMR.|
Yop tip Lawson from topinfo pump and dump thread.|
|The Jumping Jaks site is a childrens fun fair.The other two huge buildings are empty.Same for many sites across the UK now.|
|They have been, they were on Stevenage Leisure park. They were very popular in the early days but have been in strong decline. I think it is now a Childrens fun centre.|
|There are two three clubs next to eachother in Stevenage all owned by LMR...they have all been closed in the last 2 months I am informed.|
|Is Jongleurs a sell out. Not my experience from the Watford Site, generally very quiet much like the Oceana. Jongleurs was never very popular when it was over the road above Lloyds.
Whether an inquest finds LMR at fault or not does not really matter as the nett effect on the nightclub business is negative. LMR as a group have failed to evolve, all to late now. There will be nothing left for shareholders from any deal to roll the debt over. I do hope the clubs can stay open because the Town Centre locations can be nothing else and will remain empty for years. Out of town is not so bad as the buildings are largely temporary.|
|Because the City expect the company to go bust.|
|Jongleurs, the comedy-club group founded by Maria Kempinska, is planning to raise £500,000 through a private placing as it looks to expand the brand internationally before a possible listing on AIM in 18 months. Kempinska, who took back control of the Jongleurs name when Regent Inns went through a pre-pack administration, said the company would use the fund-raising to launch the brand internationally through comedy clubs, TV shows and a talent agency. She said the group, in talks over opening a club in New York, would look at opportunities in Australia, the Far East and the Middle East. She said: "Jongleurs' ability to develop comic talent is second to none through our live operation and, with investment, we will do the same in media. "We need investors who understand the zeitgeist of comedy. We have such a strong operation we can franchise the brand globally." The company, which has hired Webb Capital to advise on the fund-raising, is forecast to show an increase in revenue from £1.9m this year to £10.3m in 2013. Much of this increased revenue arises from its profitable deal with Luminar PLC, and indicates how important Jongleurs evenings are to Luminar where they occupy slots pre the nightclub openings. Luminar is expected to next update the market on 27th October and it is hoped that the Jongleurs events will have aided it to further stabilise its revenues since it last updated the market in late September.|
|298,000 bought this morning, 1.4% bought last week, 4.1% bought the week before. Yet price continues to drop. Real time level two does not show any large sellers around, so why isn't the price firming a bit more?|
|What death is this ?|
|I am holding a load. Cannot beleive we have a death a week before the 27th. Hopefully it won't derail the banking discussions, as it does not appear to be LMR's fault. I hear the Jongleurs and other events are becoming sell-outs so it looks like revenues are continuing to improve. Perhaps there will be some good news at last?|
|Results next week...more dauningn news no doubt.
Is any posters holding this share ?|
|Buyers keep on coming in, yet the price stays unchanged or even falls slightly. How is this possible? On Level Two, there is no further trade, so why is the price not rising?
Obviously a lot of stock left with marketmakers following recent declines in the stock, but there has been a lot of buying last week, and this week looks like it is going the same way! Yet the price refuses to move.
Time for the market to play catch up with this stock - it is still thinking it will go bust - yet the recent RNS points to a stabilising performance which if it carries on, will lead to positive like for like sales compared to this time last year.
Update on 27th should hopefully confirm that the stabilising of trade is continuing apace, perhaps even picking up some steam? will the market wake up then to this stock?|
|Now it is over 4% of the stock!
Explanation required. Where is RNS?|
|Yesterday over 3% of this stock was bought, with buying getting heavier as the day went on.
This morning, no announcement and no trade???
Can someone enlighten us?
Which institutions have bought / increased their stakes? If it is Schroders, does that mean something very positive is about to ensue?|
|Below 1p now...please turn the lights off.|
|Luminar embarks on 19 date Calvin Harris DJ tour
Oct 06, 2011
Luminar Leisure, the UK's leading nightclub operator, has embarked on an exclusive DJ tour featuring award winning singer-songwriter, DJ and music producer Calvin Harris.
Calvin will play a 90 minute set to over 50,000 fans in nineteen of Luminar's Oceana, Liquid and Lava Ignite clubs.
Tim Howard, Head of Entertainment for Luminar commented 'Calvin has had a fantastic year with his hit 'Bounce' featuring vocals from 'Kelis' reaching number 2 in June and his latest hit 'Feel so close' also reaching number 2 in August. Calvin's DJ tour is Luminar's most comprehensive to date, supported with a touring rig and a promotional campaign that includes advertising on Spotify, Youtube and NME and a dedicated website. These will be amazing nights and shouldn't be missed'.
Calvin Harris will be performing at:
Preston 26th September Leeds 18th October
Aberdeen 2nd October Portsmouth 13th November
Bournemouth 4th October Brighton 14th November
Birmingham 5th October Windsor 21st November
Swansea 6th October Edinburgh 23rd November
Edinburgh 10th October Cardiff 24th November
Norwich 12th October Southampton 29th November
Kingston 13th October Basildon 1st December
Nottingham 14th October Watford 2nd December
Wolverhampton 17th October|
|Luminar may be saved by debt for equity deal
Luminar Britain's biggest nightclub operator which has been teetering on the brink of collapse, could be saved following the start of talks with a turnround investment firm last week. Luminar runs clubs including Oceana.
Financial Mail has learnt that R Capital approached Luminar's lenders, which control the company's future, to turn its £82 million of debt into equity.
This would allow R Capital to take control of the company, which employs 1,000-plus staff in the Liquid and Oceana chains. The banks, Lloyds, Royal Bank of Scotland and Barclays, are being advised by KPMG.
Luminar, which operates 70 clubs, has been hit hard by the downturn as young people have less money to spend on going out.
It has breached banking covenants three times in the past 12 months.
R Capital and Luminar declined to comment.|
|I think someone cannot read. It is not a done deal yet but "not realise any value for ordinary shareholders" looks fairly straight forward to me.|
|YOU NEED HELP....|
|And now it is 1p!!!!
Still, if the restructuring is done correctly, this could be a bargain at current levels, as presumably the major shareholders must allocate some proportion, albeit a small amount, to other existing shareholders as we all have shareholdings so must be treated equally in law. I would guess 10% - 20% of the stock will be left to current shareholders, in exchange for which dilution the company will only have say £20m of debt left. That is a completely different proposition to now and I can see the shares then lifting quite nicely.......|
|jeffian I know exactly what you meant but the executive management failed to release control to the club managers (until about two weeks ago for a few of the clubs). The exec had such tight control over the method of local management. Every club was run to a National model. Why should a club in a Northern Uni town behave the same way as a club in Watford or Milton Keynes.
Why employ Managers who are not allowed to manage, this industry is all about knowing your punters and giving them what they want.
This is not the only industry that has been hit with regulation and legal changes but the exec failed to meet the changes. I do not hold LMR, never have as I have first hand experience of the management structure and their failings.|