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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eatonfield | LSE:EFD | London | Ordinary Share | GB00B1FQDQ64 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEFD
RNS Number : 5065G
Eatonfield Group plc
12 May 2011
12 May 2011
Eatonfield Group plc
("Eatonfield" or "the Group")
Working capital funding update
On 20 April 2011, the board of Eatonfield announced that the Group had sufficient working capital funding through to early May 2011. This was on the basis that (i) Eatonfield continued to defer payment of amounts due to certain of its senior lenders and trade creditors; (ii) exchange of contracts for the previously notified sale of the Welsh sites was imminent; and (iii) following exchange, the Group would have access to the new GBP0.25 million RBS working capital facility.
Exchange of contracts for the sale of the Welsh sites has not as yet taken place. The board remains of the view that discussions prior to exchange are now in the final stages. The terms of the proposed transaction are also as previously described in the Group's 11 April 2011 announcement. The board also confirms that, as at the date of this announcement, the new RBS facility remains available to the Group pending exchange.
In light of the above matters, Eatonfield continues to defer payment of amounts due to certain of its senior lenders and trade creditors. On the basis that the relevant lenders and trade creditors do not demand payment in the short-term and that Eatonfield continues to receive their support, the board now expects that the Group's existing financial resources will provide it with sufficient working capital funding until mid to late May 2011.
The board confirms that all of the Group's existing bank facilities remain available at the date of this announcement. The Group's program of presentations to potential equity investors is also ongoing as at the date of this announcement and a further update will be provided in due course.
For further information please contact:
Eatonfield Group plc Tel: +44 (0)1829 261 910 Brian Corfe (Executive Chairman) Rob Lloyd (Group Chief Executive) Duncan Syers (Group Finance Director) Evolution Securities Limited Tel: +44 (0)113 243 1619 Joanne Lake/Peter Steel Optiva Securities Limited Tel: +44 (0)203 137 1904 Jeremy King Threadneedle Communications Tel: +44 (0)207 653 9850 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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