REVISED GUIDANCE AND FINANCING UPDATE (7318W)

TIDMGMG

RNS Number : 7318W

Game Group PLC

03 February 2012

3 February 2012

GAME Group plc ("GAME" or "The Group")

REVISED GUIDANCE AND FINANCING UPDATE

Revised guidance:

Having received support from its stakeholders and lenders, the Board now believes that GAME will meet its covenant tests for the period to 31 January 2012 when tested on 27 February 2012. The Board now expects that the loss before tax and non recurring items will be around GBP18m for the year to 31 January 2012.

Financing update:

Further to the announcement earlier today, the Board of GAME is pleased to announce that it has now concluded discussions with its lending syndicate and agreed revised terms for its facilities.

Under the terms of the revised facilities, the Group has agreed to operate within lower limits of its existing facilities than was previously available. These revised facilities will allow the company to continue to trade. The Group has also agreed to provide an updated strategic plan for review, and approval in part, by the lenders. This plan will cover all aspects of the business's activities and strategy, including its overseas operations.

Ian Shepherd, CEO of GAME said "We're pleased to reach agreement with our lenders, but should be under no illusions about the challenges in our market or the hard work that is required to deliver our strategic plan."

   -     ENDS - 

Enquiries:

 
 
GAME Group         Simon Soffe, Communications & Investor 
 plc               Relations Director                       [phone] 
                  Jonathan Glass 
                   James Olley 
Brunswick Group    Natalia Marisova                         [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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