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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aerobox | LSE:ARX | London | Ordinary Share | GB0032654427 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.47 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7524I AeroBox plc 11 September 2006 11 September 2006 AeroBox plc ("ARX" or the "Company") Trading Statement Following the Trading Statement announcement on 1st August 2006 the Directors of ARX give the following update on the continuing developments within the Company's main operating subsidiary, AeroBox Composite Structures ("ACS"). As a result of the production issues highlighted in the previous Trading Statement at ACS, Laurus Master Fund ("LMF") suspended the $3m revolving debt funding facility but agreed to provide sufficient funds for specific applications within a structure agreed with the Board of ACS. This agreement with LMF is for the specific purpose of converting the existing ULD stock and work-in-progress into cash and for the exclusive benefit of LMF, the debenture holder. This agreement does not currently include any funding for payment of previous creditors and does not address cash requirements for the production of future orders. The initial plan was to complete the orders in progress by mid September. This has not been possible in the cash constrained position ACS was placed although LMF has advanced further funds for short-term requirements and discussions are in progress with LMF over future funding for the remaining unfinished and future orders. This discussion is taking place in the knowledge that one customer is actively considering the purchase of all materials for its ULD order as an aid to cash flow. As a consequence of the above and due to the extent of the monies owed to creditors by ACS, its Board is currently seeking professional advice on the options available to it. The current LMF funding has constrained UniversalCore and OvoCorp to the extent that they have been unable to trade and consequently a decision has been taken to close these operations with immediate effect. Stephen Mendola and Rainer Duchene tendered their resignations from the ARX board at 5pm on 8th September 2006. The Board of ARX has accepted today the resignation of Jeremy Knight, the recently appointed Group Finance Director. ARX currently has very limited funds and is urgently reviewing alternative sources of finance. However, given the level of uncertainty in its main subsidiary ACS this is proving difficult. The Board of ARX continues to review the current options available and will update shareholders of further developments when it is able to do so. - ends - Enquiries: Ray Gibbs Group Managing Director, AeroBox plc +44 20 7929 5599 Trevor Phillips Holborn PR +44 20 7929 5599 Jeremy Porter Seymour Pierce +44 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END TSTGUUPUBUPQGPG
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