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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Newfound | LSE:NFND | London | Ordinary Share | NL0000686764 | ORD EUR0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7106J Newfound N.V. 08 December 2008 8 December 2008 Newfound N.V. ("Newfound", the "Company" or the "Group") Humber Valley Resort Corporation - update Newfound N.V. (AIM: NFND) announces that its subsidiary, Humber Valley Resort Corporation ("HVRC"), has filed for bankruptcy following the expiry of proceedings under the Canadian Companies Creditors Arrangement Act ("CCAA") initiated in September 2008. This action does not impact either the financial situation of Newfound NV or the projects at St. Kitts and Nevis, which remain unaffected. Stephen Bentley, Group Finance Director of Newfound, said: "It was not our original intention that HVRC should make an application for bankruptcy. Indeed we had formulated a draft preliminary plan of arrangement that, in our view, gave the interested parties the best result given the unhappy circumstances that Humber Valley Resort Corporation found itself in. However, our plans required and depended on support from the Government of Newfoundland. Their support was needed specifically with regard to flights to Newfoundland from the UK; support for the municipality that would administer basic services to the resort; and finally, a grant of freehold by the government over the portions of long leasehold land already paid for by HVRC. Whilst initial discussions appeared to be fruitful, in recent weeks it has become clear through media reports and correspondence with the company, that the Government of Newfoundland would prefer that the resort goes into bankruptcy before they make a decision on their future involvement with HVRC. In these circumstances, and with Newfound continuing to finance the CCAA process each month, the Board feels it is not appropriate for Newfound to carry on spending significant sums of money where there appears to be little or no prospect of bringing the process to a firm resolution. We therefore have no alternative but to allow the CCAA process to lapse and for HVRC to file for bankruptcy. I deeply regret that this has come to pass and that Newfound, as the largest fiscal creditor, now joins the wider list of creditors awaiting the outcome of the bankruptcy process." Enquiries: Newfound N.V. 020 7 892 8300 Stephen Bentley Group Finance Director Collins Stewart Europe Limited 020 7523 8350 Adrian Hadden Citigate Dewe Rogerson 020 7638 9571 George Cazenove / Nicola Smith For more information, please visit www.newfoundnv.com. This information is provided by RNS The company news service from the London Stock Exchange END MSCFVLFBVLBZFBE
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