Update on Financing Discussions (8130B)

TIDMWNER

RNS Number : 8130B

Warner Estate Holdings PLC

23 April 2012

Warner Estate Holdings PLC

("Warner Estate" or "the Group")

UPDATE ON FINANCING DISCUSSIONS

Warner Estate today provides an update on financing discussions following the Group's year end on 31 March 2012. The Group has continued to market certain properties in order to reduce total outstanding debt.

The Board of Warner Estate announces that discussions with the Group's lenders, as announced in the Group's Interim Management Statement on 17 February 2012, continue and the Company remains reliant on the continuing support of its lenders.

As part of those discussions various options are being considered and examined with other stakeholders of the Group, potential investors and advisers. At this stage there is no certainty on which option will be pursued or if any option will be feasible as there are a number of parties, not least the Group's lenders, whose agreement will need to be secured.

As previously announced, the Board believes that any solution will deliver little or no value to existing shareholders, other than the opportunity to participate in an equity raise were that to be feasible in the future. Nothing that could deliver a solution to the Group's difficult financial position has been ruled out although the Board's current view is that an equity raise in the near term is unlikely to be pursued.

The Board will make a further announcement when appropriate.

-ends-

Date: 23 April 2012

For further information contact:

 
 Warner Estate Holdings PLC              City Profile 
 Philip Warner, Chairman                 Jonathan Gillen 
 Mark Keogh, Group Managing Director     Simon Courtenay 
 Robert Game, Group Managing Director,   Tel: [phone] 
  Property 
 Tel: [phone]                      [e-mail] 
 Web: www.warnerestate.co.uk 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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