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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aquilo | LSE:AQL | London | Ordinary Share | GB00B1LJ8P37 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Aquilo PLC 24 January 2007 Aquilo PLC ("Aquilo" or the "Group") Group Restructuring Introduction Following the completion of the restructuring and refinancing of the Group, which was approved by shareholders at the Extraordinary General Meeting held on 15th January 2006, Aquilo provides an update of developments. The motor services division, which had not delivered the expected results, had already been sold, as announced on 13th December 2006, thereby providing the opportunity to concentrate all the Group's efforts on the sizeable domestic and industrial claims-handling markets. Use of funds raised The proceeds of the new equity placing, together with the sales proceeds of the motor services division and the issue of new loan stock, amounted to over #5.7 million. The funds were provided by both existing and new financial institutions and underline the wide ranging support for the business model that Aquilo is now implementing. The head office function has been reduced and restructuring is leading to more efficient operations allowing much of the current and future growth to be accommodated without a proportionate increase in overheads. The proceeds allow Aquilo to substantially strengthen its balance sheet, repay debt and continue to invest in the rapidly growing property insurance claims handling operation. This division, AIRS, which commenced trading in October 2006 has seen impressive growth and is performing ahead of expectations, this has been further aided by the recent adverse weather conditions. With the Group refinanced, the Board is now focused on driving the business forward and believe that increased sales volumes can be achieved from both existing and new customers. Board changes The Board has changed to reflect the refocused strategy. In the period until an experienced City-facing chairman is found, Chris Langridge, who joined the Board recently, has been appointed Chairman on an interim basis. The Board would like to thank the Group's staff, advisers and institutional shareholders - new and existing - for their continued support. For further information please contact: Clive Nicholls, Chief Executive Officer, Aquilo plc 020 3008 5514 Crispin Burdett, Company Secretary, Aquilo plc 020 3008 5515 This information is provided by RNS The company news service from the London Stock Exchange END NRAEADFLASFXEFE
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