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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mayflower | LSE:MFW | London | Ordinary Share | GB0008002221 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1925X Henlys Group PLC 31 March 2004 Date: 31 March 2004 Contact: Allan Welsh Chief Executive Bill Gillespie Finance Director Henlys Group plc Telephone: 020 8953 9953 HENLYS GROUP plc The board of Henlys Group plc ("Henlys") has noted the announcement today by The Mayflower Corporation plc ("Mayflower") that it has been placed into administration. As noted in the Company's announcement of 31 March 2004, Henlys is a 30% joint venture shareholder in Mayflower's subsidiary, TransBus. TransBus has also been placed into administration. Whilst TransBus has given a guarantee and security to Mayflower's lenders in relation to Mayflower's debt, there is no recourse to Henlys in relation to TransBus or Mayflower debt. Furthermore, Henlys investment in TransBus is not part of the security given by Henlys to its lenders under its current borrowing facilities. In the Company's trading update of 9 March 2004, the profit contribution of TransBus was #5.4 million (based on provisional figures for TransBus supplied by Mayflower). In cash terms, Henlys assumed further dividends and other amounts receivable from TransBus of #3.3 million in the year to 30 September 2004. The Group's profit and cash flow will be adversely affected by these amounts. Whilst it remains unclear what strategy Mayflower's administrators will pursue as regards any disposal of TransBus, the Henlys board will conservatively be making a full provision against Henlys investment in TransBus which appeared in Henlys consolidated accounts for the year ended 30 September 2003 as #71.0 million. However, this will be kept under review and the board will seek to obtain value for the investment. The Group is considering all options concerning TransBus and is incontinuing discussions with its lenders. The lead bank lenders are being kept fully informed and remain supportive. End This information is provided by RNS The company news service from the London Stock Exchange END MSCWUUAUWUPCGMG
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