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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fram Glbl&Fin | LSE:FGF | London | Ordinary Share | GB0001870004 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9682Y Framlington Global Fin & Inc Fd Ld 21 May 2004 Framlington Global Financial & Income Fund Limited (the "Company") Repayment of bank loan and the future of the Company The covenants of the Company's loan facility require that, inter alia, the income of the Company (as defined therein) must be at least 150 per cent of the total interest (as defined therein). Based on current income projections for the six months to 31 May 2004, the Board expects the Company to be in breach of this covenant as at 31 May 2004. In view of the bank covenants, the current size of the Company (net assets as at 14 May 2004 were #2.9 million) and the level of ongoing running expenses, which significantly exceed income, the Board has today repaid in full the outstanding bank loan of #2,000,000. This repayment incurred breakage costs of #50,600. While the Directors intend to keep all strategic options under review, it is the intention of the Board to try to secure agreement from the major holders of both classes of shares to enable a proposal for the liquidation of the Company to be put to all shareholders. In the meantime, the Board may resume the ZDP repurchase programme as and when appropriate opportunities arise. A further announcement will be made in due course. --oo-- Enquiries: Paul Branigan Framlington Investment Management 020 7374 4100 Hugh Field Hoare Govett 020 7678 8000 This information is provided by RNS The company news service from the London Stock Exchange END MSCABMATMMBTBPI
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