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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exail Technologies | EU:EXA | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.32 | 19.20 | 19.54 | 19.44 | 19.24 | 19.36 | 15,112 | 16:40:00 |
RNS Number:6125R Excel Airways Group PLC 03 November 2003 For Immediate Release 3 November 2003 Excel Airways Group plc ('EAG' or the 'Company') Trading Update EAG, the AIM quoted UK charter airline servicing independent tour operators, reports on trading in respect of the year ended 31 October 2003. It has been a difficult year for tour operators who have witnessed a significant change in the timing of mainstream holiday bookings. The threat of war followed by actual conflict slowed bookings during the peak booking time. However, following the cessation of war, demand increased, particularly during the high summer season. EAG has responded to these market conditions and the demands of its tour operator customers and is pleased to confirm that trading for the full year will be in line with its expectations. EAG also announces that its subsidiary, Excel Aviation Limited ('EAL') on 31 October 2003 entered into a Consolidated Loan Agreement with EAG's majority shareholder Libra Holidays Group Limited ('LHG'), which currently holds 79.5 per cent. of the issued share capital of EAG. The Consolidated Loan Agreement for #15.78 million, which incorporates a previous loan, is repayable on 30 April 2004 and interest accrues at 1.5% over Barclays Bank base rate from time to time. As security for the extended credit terms, LHG will deposit with the Company share certificates for 29.4 million shares in EAG, which together with existing security on 10 million EAG shares held by LHG represents 41.1% of the issued share capital of EAG. Management currently retain 18.2%. The Directors of EAG (with the exception of Andreas Drakou and Christos Mavrellis who are directors of LHG and, under the terms of the AIM Rules, are considered related parties for the purposes of this transaction) consider, having consulted with Brewin Dolphin Securities (the Nominated Advisor to EAG) that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. Phil Wyatt, Chief Executive, commenting on the transaction said: "Libra Holidays Group continues to be an important customer of EAL. The rate of return on the loan to Libra Holidays Group is significantly greater than is commercially available on the Company's cash reserves, which at 31 October 2003, amounted to approximately #16 million. Our security of 39.4 million EAG ordinary shares equates to at least 3.25 times the value of the loan at today's mid-market share price of 130p." For further information, please contact: Richard Darby, Richard Oldworth Buchanan Communications 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange END TSTILFEELFLVIIV
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