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FDL Findel Plc

233.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Findel Plc LSE:FDL London Ordinary Share GB00B8B4R053 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 233.00 230.00 233.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Studio Retail Group PLC Notice of Intention to Appoint Administrators (5587B)

14/02/2022 7:30am

UK Regulatory


Findel (LSE:FDL)
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From Mar 2021 to Mar 2024

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TIDMSTU

RNS Number : 5587B

Studio Retail Group PLC

14 February 2022

14 February 2022

Studio Retail Group plc

("SRG", "Studio" or "the Company")

Notice of Intention to Appoint Administrators

Studio, the digital value retailer, today gives an update on discussions to meet its working capital funding requirements.

As announced on 31(st) January, Studio has a surplus stockholding which requires additional working capital funding whilst this good quality stock is sold through to customers. The Company requested a short-term loan of GBP25m from its lending banks to fund the surplus stockholding which it believed was sufficient to enable it to sell through the stock to customers. Following detailed discussions with our UK lenders, the Company has not been able to reach agreement with them to provide the additional funding Studio requires.

The Board therefore now intends to file a notice of intention to appoint administrators to SRG and Studio Retail Limited, its wholly owned subsidiary, as soon as reasonably practicable.

The Board is taking this action to protect the interests of its creditors.

Following consultation with the FCA, the Company has requested that the listing of the Company's ordinary shares of 10 pence each be temporarily suspended with effect from 7.30 a.m. on 14 February 2022.

Further announcements will be made as appropriate.

Enquiries

Tulchan Communications LLP

Will Palfreyman

020 7353 4200

This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014 and Article 7 of Onshore Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the EU Withdrawal Act. The person responsible for making this announcement on behalf of Studio Retail Group is Stuart Caldwell, Group CFO.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCQZLBFLLLEBBZ

(END) Dow Jones Newswires

February 14, 2022 02:30 ET (07:30 GMT)

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