Eatonfield Share Discussion Threads

[ianio5691] 16/11/2010 12:06

11:27 am, February 18, 2010
Eatonfield takes out short term loan after overdraft is withdrawn



Cheshire-based property developer Eatonfield Group Plc (AIM: EFD) today said problems with its overdraft facility had forced it to obtain a short term loan to provide working capital for the next eight to 10 weeks.

The company said it had "been notified that due to an expected deterioration in the future cash flows of the group, a previously agreed overdraft facility will not now be made available to it".

In a statement, the Tarporley-based company said: "The directors of Eatonfield are actively seeking opportunities to bring income producing assets into the group. They also continue to believe that the group still has significant potential value in its key assets and are vigorously pursuing planning permissions and undertaking other value-enhancing activities in order to achieve asset realisations and thereby reduce the group's overall indebtedness.

"Although there have been some recent planning successes and good progress is being made towards achieving some realisations, further short-term funding, in the order of £1.5 million, will be necessary to afford Eatonfield the opportunity to unlock this potential. The board is currently exploring a number of options to secure such additional working capital and a further update will be provided in due course."

Eatonfield is working on a number of developments including a major housing scheme on the former Corus steelworks site in Workington, Cumbria. In November the company raised £7.9m from investors by placing more than 208 million new ordinary shares.

In September, chief executive Rob Lloyd sold his Haycroft Farm farm and racing stables to a group subsidiary as a condition of securing a new £2.2m loan from NatWest Bank.

[stuart little] 16/11/2010 12:05

Based on your buy I guess those at 0.6p are buys? Good volume today....

stuart.

[ianio5691] 16/11/2010 12:03

I read somewhere that it was a condition of the short term bank loan, that his house was sold to a 'subsiduary company'. Could be a bit of smoke and mirrors.

[stuart little] 16/11/2010 12:03

LUFC,

The last I heard it was up for sale, not been able to find any sales particulars for it. I wonder if he had a buyer lined up?

Ian,

yes I've been buying for a couple of months. Much the same as you though fully accept that it could go to nothing!!

Stuart.

[lufc5] 16/11/2010 11:57

Has Rob actually "sold" his farm, or is it still "for sale"?

[ianio5691] 16/11/2010 11:56

Thanks Stuart. You too. (are you in?)

[stuart little] 16/11/2010 11:52

Yes, Rob Lloyd has been quoted saying he feels a massive responsibility for this company. Whether that will be enough.....we'll see,

Good luck,

Stuart.

[ianio5691] 16/11/2010 11:47

Hi Stuart. Pure gamble at this stage of the proceedings! The CEO has sold his farm to put money in....so I would hope he is committed and confident.

Cost me £6k...not the end of the world if I lose it....but potential to give a nice return if things turn.

[stuart little] 16/11/2010 11:44

Ian,

Thats a decent size punt. Any reasoning behind it or just a gut feeling?

regards,

Stuart.

[ianio5691] 16/11/2010 11:40

Just had a punt for 1m...showing as a sell though!

[showmethemoneyhoney] 16/11/2010 09:27

stuart..they will if they think theymight get something opposed to now getting nothing. Seems to be that this hinges on something that I hope will turn out positive by wat of good futire in come to satisfy a funder/s

[stuart little] 16/11/2010 09:22

"agreement of certain of its creditors to defer payment of outstanding invoices to a later date."

Creditors wouldn't agree to this unless EFD could prove that they would have the funds at a 'later date'

Unless EFD said if you pull the plug now you'll get nowt, give us a chance and a bit of breathing space and you might get something......

stuart.

[stuart little] 16/11/2010 08:11

My initial thoughts on this RNS is that banks and creditors aren't generally known for being generous so what did EFD have to tell them for them to show such flexibility?

Secondly, this will take us past the date when Rob Lloyd will have his meeting with Allerdale council to hand in the legal docs for Workington, although I can't see how that instantly changes anything.

Thirdly, back to hibernation for another month......

stuart.

[liquid millionaire] 16/11/2010 07:20

Working Capital Funding Update



TIDMEFD

RNS Number : 2146W
Eatonfield Group plc
16 November 2010

?
16 November 2010


Eatonfield Group plc
("Eatonfield" or "the Group")
Working capital funding update

On 29 October 2010, the board of Eatonfield announced that the Group had
sufficient working capital funding through to mid November 2010. Eatonfield has
since agreed with one of its banks that the Group can retain the surplus cash
flows generated on a recently concluded housebuilding contract and apply these
to fund working capital. The Group has also obtained the agreement of certain of
its creditors to defer payment of outstanding invoices to a later date. On this
basis, the board now expects that Eatonfield's existing financial resources will
provide it with sufficient working capital funding until mid December 2010.

As previously notified, certain of the Group's banking facilities fell due for
renewal on 30 September 2010. Whilst the Group has not received formal notice of
extension of such facilities, the board remains in constructive discussions with
the relevant lenders and all of the Group's existing banking facilities remain
available at the date of this announcement and the board continues to make
progress with a range of strategic options, including the disposal of certain of
its land assets, which, if successful, would reduce the Group's net debt, as
well as a plan to raise further equity.

For further information please contact:

+------------+---------+
| Eatonfield | Tel: |
| Group plc | +44 |
| | (0)1829 |
| | 261 910 |
+------------+---------+
| Brian | |
| Corfe | |
| (Executive | |
| Chairman) | |
+------------+---------+
| Rob | |
| Lloyd | |
| (Group | |
| Chief | |
| Executive) | |
+------------+---------+
| Duncan | |
| Syers | |
| (Group | |
| Finance | |
| Director) | |
+------------+---------+

+-------------------------------------+------------------------------+
| Evolution Securities Limited | Tel: [phone] |
| | |
+-------------------------------------+------------------------------+
| Joanne Lake/Casper Kaars | |
+-------------------------------------+------------------------------+

+-------------------------------------+------------------------------+
| Optiva Securities Limited | Tel: [phone] |
| | |
+-------------------------------------+------------------------------+
| Jeremy King | |
+-------------------------------------+------------------------------+

+-------------------------------------+------------------------------+
| Threadneedle Communications | Tel: [phone] |
| | |
+-------------------------------------+------------------------------+
| Graham Herring/John Coles | |
+-------------------------------------+------------------------------+


End

This information is provided by RNS
The company news service from the London Stock Exchange

[maxmarilli] 15/11/2010 10:30

mid november is today,so we should hear very shortly another rns,hopefully solving this saga for good!If really the disposal will bring in a very needed cash,we will be at a different level than below 1/1.5p.....it has been a very long time but look at PXS and that will give an example....gla,max.

[lufc5] 14/11/2010 18:26

Well mid November is almost upon us. So with that in mind, i'm expecting some sort of news this coming week..............

[lufc5] 11/11/2010 14:28

Not sure Stuart, but I've had a punt on these....All or nowt!!!!

[stuart little] 11/11/2010 12:54

Will next week be the defining one for this company??

Money due to run out (again!) next week. Will it be another holding RNS or something more substantial?

No clues from the trades recently, none today!!

stuart

[mike111d] 05/11/2010 13:22

£80m Cumbrian seaside community plan moves forward
By Sarah Newstead

Last updated at 11:44, Friday, 29 October 2010


AN £80m seaside community for Workington is a step closer as a contract to develop the former Corus site has been signed.

Work could begin on the Moss Bay scheme as early as next year, said the firm behind the plans.

Eatonfield Developments boss, Rob Lloyd, has signed a legal agreement due to be handed over to Allerdale Council by the end of November.

Ian Arnott, Eatonfield's development director, said no work can begin until Allerdale approve and sign the document.

"We are ploughing on with the work that needs to be done at our end," he said. "We will be working hard to make sure everything is finished as soon as possible but these things do take time."

The company plans to turn the former Corus site into a "community within a community".

Once home to the town's steelworks, the site will have houses, shops, a hotel, leisure facilities, a day care nursery, a care village for the elderly, a health centre and a promenade.

It is three years since plans to revamp the 87-acre site were revealed.

[argy2] 02/11/2010 18:50

SEUK....Anybody's guess in current property market and no doubt this will be diluted somewhat as and when the placing comes. That said they are currently priced to go under so if they can secure their borrowings sell 1 or 2 properties and raise some cash these could really take off imho.

[seuk] 02/11/2010 18:25

Am I right in thinking the NAV is around £12m against a mkt cap of £2.5m?

[daicaprice] 02/11/2010 16:37

Nicely poised for some news I reckon.

DC

[argy2] 02/11/2010 15:36

100k man a little sad imho

[comedy] 02/11/2010 15:32

lol nice to see we have banter...lol some of us have bought a while back while they play the game of we have enough dough till blah blah anad keep extending the dates...so either we will get a placing and we will be off over time to a multibagger??? or we wont??? so all win or all lose???? rets of l2 doesnt mean anything unless you are in for a quick 0.05p turn??? plus 1 lucky guy may get a 100k buy and sell and make £couple of hundred quid?? woopee dooo...the rest with either lose all or make a multibagger. hence got 760k...either will make a wack or wont...chance are day sell to make the quick 0.1p turn will be the day before they announce deals and it cracks off and will miss multiples??? good luck all lol now the quick traders make sure you dont spent the £100 in one place.:)