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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Orchid Dev | LSE:OCH | London | Ordinary Share | KYG6791P1072 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOCH
RNS Number : 1242K
Orchid Developments Group Ltd
16 August 2012
16 August 2012
Orchid Developments Group Ltd.
("Orchid" or the "Group")
Update re financial position
The economic environment in which the Group is operating remains extremely difficult. The quantum of free cash flow, which may be generated in the short to medium term including from the sales of apartments and other assets, remains difficult to predict and unclear. In addition, the margin of forecast available cash over requirements, as stated on 3 July 2012, remains modest.
Most recently, the sale of an asset which the Group's board had anticipated did not proceed as planned for reasons beyond the control of the Group. In addition, the Group cannot be certain that it can continue to operate with the full support of its creditors. The consequences of these factors mean that the cash position of the Company is more uncertain than forecast at the time of the announcement made on 3 July 2012.
As a result, the Directors believe that the Group is likely not to be able to operate as planned, unless additional capital is raised. Consequently, the Board is considering the best manner in which to address its immediate working capital needs. A further announcement will be made in due course.
Guy Meyohas, Chief Executive Officer of Orchid, said:
"The Board remains focused on resolving its financing needs. Additional capital will not only strengthen the Group's balance sheet but also will undoubtedly strengthen the position of the Group in negotiating the disposal of its assets in order to deliver shareholder value."
Ends
Contacts: Orchid Developments www.orchid-dev.com Guy Meyohas +41 798 200 200 Shore Capital and Corporate Limited Bidhi Bhoma / Toby Gibbs +44 20 7408 4090 MHP Communications Reg Hoare / Tim McCall / Vicky Watkins +44 20 3128 8100
Notes to Editors:
Orchid Developments Group Ltd (OCH.L), which listed on the AIM market in June 2005, was established with the aim of generating value for shareholders by investing in real estate and leisure business opportunities initially in Bulgaria.
The company is active in all principal sub-sectors of the Bulgarian real estate and leisure markets and currently holds three residential and six commercial property developments in Sofia and Varna. Its principal investment is Grand Mall Varna, one of Bulgaria's leading shopping malls.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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