Modern Water PLC Further re: Working capital update (1366F)

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RNS Number : 1366F

Modern Water PLC

10 July 2019

Modern Water plc

("Modern Water", "the Company")

Further re: Working capital update and funding discussions

 
For immediate release  10 July 2019 
 
 

Further to the Board's announcement of 7 June 2019, Modern Water, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, announces a further update in relation to its funding discussions and working capital position.

The Board is continuing to manage its working capital carefully with the business being funded using extended credit lines alongside increased efforts to convert debtors to cash. Whilst this may be sustainable in the short term, it is important that significant additional funding is secured in the near term in order to provide a sustainable basis on which to continue to operate the Group.

The Company continues to explore various options to raise additional capital for the Company and remains in discussions with potential funding parties. It is possible that none of the options being explored by the Board may come to fruition on an acceptable or timely basis or at all, but the Board believes these options to be viable and a further update will be made as appropriate.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information:

 
Modern Water plc                                            [phone] 
Simon Humphrey, Chief Executive 
 Cairn Financial Advisers LLP (Nominated Adviser)            [phone] 
Sandy Jamieson / Tony Rawlinson 
 Ludovico Lazzaretti 
 Turner Pope Investments (Broker) 
  Andy Thacker                                              [phone] 
 
 

Notes to editors:

Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. The Company works for customers in a range of industries across the globe and owns proprietary technologies for use in a diverse range of applications. Modern Water's Monitoring Division has a portfolio of world-leading toxicity and trace metal monitoring products, some of which constitute the regulatory standard. The headline technology of the Company's Membrane Division, called "AMBC", can be used to tackle complex wastewater treatment problems at a reduced cost compared to standard processes, while being simple to operate.

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 [e-mail] or visit www.rns.com.

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July 10, 2019 10:31 ET (14:31 GMT)