Restructuring update (6252W)

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RNS Number : 6252W

Cattles PLC

22 November 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

22 November 2010

Cattles plc

Restructuring update

On 22 October 2010, Cattles plc ("Cattles") announced that Cattles, Welcome Financial Services Limited ("WFSL") and other members of the Group continue to engage in discussions with representatives of certain of their key financial creditors and other stakeholders in order to progress proposals for a consensual restructuring.

In that announcement, Cattles also confirmed that, at that time, discussions envisaged that, as part of a restructuring and subject to certain conditions, Cattles would compromise its subordinated inter company claims against WFSL and other subsidiaries in the Group for not less than GBP39 million.

Cattles has been informed today by representatives of certain of the key financial creditors of WFSL that they continue to support proposals for a consensual restructuring including a compromise of Cattles' subordinated inter company claims against WFSL and other subsidiaries in the Group, however, for an amount which may be less than GBP39m.

Cattles is continuing to discuss this matter further with WFSL and the representatives of those key financial creditors. A further announcement will be made when appropriate.

For further information, please contact:

Paul Marriott, Financial Dynamics 020 7269 7252

This information is provided by RNS

The company news service from the London Stock Exchange

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