Hawkwing PLC Further update on Hawkwing loan to IFG (4062E)

TIDMHNG

RNS Number : 4062E

Hawkwing PLC

27 October 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 6/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

27 October 2022

Hawkwing plc

("Hawkwing" or the "Company")

Further update on Hawkwing loan to IFG

Further to the announcement on 26 October 2022, the Company has today appointed Graham Paul Bushby and Nicholas John Edwards, of RSM UK Restructuring Advisory LLP, as receivers of IFG SPP Limited's ("IFGS") shares in Shade Ltd, Northcore Limited and IFGS' book and other debts. This appointment had been made to take steps to protect the Company's secured interests and thus its ability to recover IFGS' indebtedness to the Company comprising GBP13.7m together with interest, costs and exit premiums.

The Company will give a further update to the market in due course.

Important Notices

This announcement contains 'forward--looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward--looking statements. These forward--looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward--looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward--looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward--looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward--looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.

Enquiries:

 
 Hawkwing plc 
 Keith Sadler, Senior Independent Non-Executive 
  Director                                         [phone] 
 
 Gracechurch Group 
 Harry Chathli, Alexis Gore                        [phone] 
 

About Hawkwing plc

For more information, please refer to the Company's website: www.hawkwing.co

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October 27, 2022 12:31 ET (16:31 GMT)