Working capital funding update
01/10/2010 7:00am
UK Regulatory
TIDMEFD
RNS Number : 6470T
Eatonfield Group plc
01 October 2010
1 October 2010
Eatonfield Group plc
("Eatonfield" or "the Group")
Working capital funding update
On 16 September 2010, the board of Eatonfield announced that the Group had
sufficient working capital funding through to mid-October 2010. The board now
expects the Group's existing financial resources will provide it with sufficient
working capital funding until the end of October 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.
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 and protect shareholder value. The board is
also progressing with its plans to raise further equity funding, which, as
previously notified, will require a capital reorganisation. The board intends to
send a circular to shareholders convening a general meeting to consider the
capital reorganisation shortly.
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: +44 (0)113 243 1619 |
| | |
+-------------------------------------+------------------------------+
| Joanne Lake/Casper Kaars | |
+-------------------------------------+------------------------------+
+-------------------------------------+------------------------------+
| Optiva Securities Limited | Tel: +44 (0)203 137 1904 |
| | |
+-------------------------------------+------------------------------+
| Jeremy King | |
+-------------------------------------+------------------------------+
+-------------------------------------+------------------------------+
| Threadneedle Communications | Tel: +44 (0)207 653 9850 |
| | |
+-------------------------------------+------------------------------+
| Graham Herring/John Coles | |
+-------------------------------------+------------------------------+
End
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