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 
   END 
 
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