Albemarle & Bond Holdings PLC Update on discussions with lenders (9844C)
March 24 2014 - 3:40AM
UK Regulatory
TIDMABM
RNS Number : 9844C
Albemarle & Bond Holdings PLC
24 March 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
24 MARCH 2014
UPDATE ON DISCUSSIONS WITH LENDERS
Further to the announcement made on 27 January 2014, the Board
of Albemarle & Bond Holdings plc (the "Board") ("Albemarle" or
the "Company") has been exploring alternative options to maximise
value for all stakeholders.
Over the weekend, the Board was informed by the Company's
lenders that they will not be able to support the management
turnaround plan for the business. The Board is continuing to work
with the Company's lenders on possible alternative options for
stakeholders.
However, the Board of Albemarle now believes that these
remaining options open to the Company, which could include the sale
of the business at a level below the current level of financial
indebtedness, provide no realistic prospect of any value being
attributable to the Company's ordinary shares.
As already announced, the Company's current covenant deferral
agreement expires on 31 March 2014. The Company's lenders have
indicated they may be willing to extend this agreement in certain
circumstances, but if they do not then the Company could be
required to repay its outstanding loan facilities and although the
company has sufficient cash headroom to meet current trading
requirements, if the entire debt facility became repayable it would
not be able to meet this liability.
Accordingly the Company has requested its shares be suspended
from trading on AIM pending clarification of the Company's
financial position.
For further information:
MHP Communications:
Reg Hoare 0203 128 8100
Katie Hunt
Simon Hockridge
Canaccord Genuity Limited:
NOMAD and broker Financial adviser
Piers Coombs 0207 523 8000 Lawrence Guthrie 0207 665 4642
Bruce Garrow 0207 523 8000 Shaun Holmes 0207 665 4682
Publication on Website
A copy of this announcement will be made available at
www.albemarlebondplc.com
Canaccord Genuity Limited ("Canaccord"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Albemarle & Bond Holdings plc (as
financial adviser, nominated adviser and broker) and no one else in
connection with the matters referred to in this announcement and
will not be responsible to anyone other than for Albemarle &
Bond Holdings plc for providing the protections afforded to clients
of Canaccord nor for providing advice in relation to the matters
referred to in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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