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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| The Allstate Corp | TG:ALS | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.20 | 0.70% | 172.65 | 172.65 | 173.95 | 172.65 | 172.65 | 172.65 | 11 | 13:23:39 |
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RNS Number:8946P
Alstom
17 September 2003
ALSTOM's Board met today to hear a report from the Chairman & Chief Executive
Officer on efforts made to find solutions to ensure the Group's recovery.
The Board also heard opinions from independent advisors.
The Board noted the European Commission's refusal, in principle, to authorise
the French State to become a shareholder or to provide a long-term loan. This
calls into question the fundamentals of the refinancing plan agreed between
ALSTOM, its banks and the State announced on 6 August 2003, a plan which assures
ALSTOM's long-term future.
The Board expressed its hope that the European Commission will find an
appropriate way of applying European Community procedures, taking into account
the specific characteristics of ALSTOM's business and the urgency of the
situation.
The Board mandated the Chairman & CEO to continue to seek a solution which can
be implemented with immediate effect. Such a solution must address ALSTOM's
problems in a sustainable manner. These are essential requirements to restore
the confidence of ALSTOM's customers and industrial and financial partners in
the Group's long-term future, confidence which is vital to ALSTOM's survival.
The Board will reconvene at the latest on Monday 22 September to consider if
such a viable long term solution has been found and which can be immediately
implemented. A press release will be issued following this meeting.
ALSTOM has requested the suspension of trading in its shares until further
notice.
Press Relations: S. Gagneraud/G. Tourvieille
Tel. +33 1 47 55 25 87
internet.press@chq.alstom.com
Investor Relations: E. Chatelain
Tel. +33 1 47 55 25 33
investor.relations@chq.alstom.com
M: Communications : L. Tingstrom
Tel. +44 789 906 6995
This information is provided by RNS
The company news service from the London Stock Exchange
END
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