Trading & Bank Update & Change of NOMAD & Broker (2497A)

TIDMROM

RNS Number : 2497A

Romag Holdings PLC

28 January 2011

Romag Holdings PLC

("Romag" or the "Company")

Update on preliminary results reporting date

Notification of discussions with Lloyds Banking Group ("LBG")

Appointment of Altium as Nominated Adviser and Broker

Romag, the leading UK manufacturer of specialist transparent composites to the security, renewable energy, architectural and specialist transport markets, announces an update on the timing of the release of the Company's preliminary results and review of its ongoing banking facilities with LBG.

As previously announced, following exceptional costs of approximately GBP6 million in relation to the confirmed write down of stock announced on 4 October 2010 and the impairment of intangible assets notified on 7 December 2010, Romag will report a loss for the period ended 30 September 2010. Over that year, Romag reduced net debt by approximately GBP2.2 million and the Company's forward order book remains very strong.

Subsequent to the exceptional costs incurred during 2010 the Company has entered into negotiations with its current lender to provide amended banking facilities.

The Company has now received a conditional offer of new debt facilities from LBG which it is in the process of negotiating the final terms of and the bank remains supportive of the Company.

At this stage the terms have yet to be finalised but it is expected that they will include a commitment fee and an increase in the overall cost of the Company's borrowings going forward on an annualised basis.

The Company has today appointed Altium Capital Limited as its Nominated Adviser and Broker to assist in the negotiations with LBG and with our ongoing relationship with equity investors.

As a result of these ongoing discussions, the Board now intends to report its preliminary results for the year ended 30 September 2010 once the revised banking terms have been finalised and entered into.

Enquiries:

 
 Romag Holdings PLC                                  Tel: [phone] 
  John Kennair, Executive Chairman                    500 000 
  David Banks, Finance Director 
 
 Altium                                              Tel: +44 (0) 845 
 Adrian Reed, Andrew Clarke, Corporate Finance        505 4343 
  David Cunningham, Alternative Energy & Cleantech    Tel: +44 (0) 207 
  Analyst                                             484 4160 
 
 Kreab Gavin Anderson                                Tel: +44 (0) 20 
  Ken Cronin                                          7074 1800 
  Natalie Biasin 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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