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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Guinness Peat | LSE:GPG | London | Ordinary Share | GB00B4YZN328 | 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% | 23.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4955N Dawson International PLC 13 July 2003 Dawson International ("Dawson" or "the Company") Statement re. new borrowing facilities and update on current trading The Company has recently held discussions with its bankers Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank. During these discussions Bank of Scotland and Royal Bank of Scotland confirmed that they were prepared to maintain their existing facilities amounting to jointly #20 million. Clydesdale Bank, which historically provided a letter of credit facility of #5 million, declined to renew its facility. The Board of Dawson concluded that, whilst the Company is currently trading within its existing facilities, given the seasonal working capital requirements, it urgently needed to agree a replacement for that letter of credit facility. Against this background, the Independent Directors (being the Directors other than Messrs Trevor Beyer and Ross Burney who are representatives of the Guinness Peat Group ("GPG")) have considered and approved the provision of a #5 million short-term facility by GPG, a 29% shareholder in Dawson. The terms of the facility are as follows: Amount up to #5 million Repayment by no later than 31 December 2003 Interest rate 9.5% per annum calculated on the outstanding balance at the end of each month The Independent Directors have also undertaken to use best endeavours to convene an EGM, at which GPG would not be entitled to vote, to vary this agreement to grant to GPG a floating charge over the assets of Dawson Forte (a division of Dawson's US subsidiary) and to approve the issue to GPG of warrants to subscribe for new shares in Dawson under the following terms: The Company shall issue to GPG warrants to subscribe for 10% of the ordinary share capital of the Company at an exercise price represented by the lowest average price for five consecutive business days during the period which the loan is outstanding. The exercise price is to be adjusted for any subsequent capital raising and any capital reorganisation required before or after the issue of the warrants. The warrants are to be exercisable at any time after their issue upon the giving of 7 days notice to the Company and to have a life of 3 years from the date of being issued. The Independent Directors have undertaken to recommend that shareholders vote in favour of the necessary resolutions (including those relating to the takeover code) required to implement these variations and in respect of their own shares and those shares controlled by them (representing in total 28% of issued share capital) to similarly vote in favour of the resolutions. Update on current trading: There has been no improvement in trading in the first half. Market conditions in the luxury cashmere markets have remained difficult. Taken together with the costs of higher pension contributions and for the Ballantyne brand development, the result for the first half will be a greater loss than last year. Underlying trading conditions are unlikely to improve significantly in the seasonally stronger second half. For further information please contact: Mike Hartley, Chairman: 01629 55098 David Cooper, Finance Director: 01577 867000 Media enquiries: Gordon Beattie: 07768 588163 This information is provided by RNS The company news service from the London Stock Exchange END TSTGGGMNKFKGFZM
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