AI. Aero Inventory

 

TIDMAI. 
 
RNS Number : 3534B 
Aero Inventory PLC 
26 October 2009 
 

AERO INVENTORY PLC ("Company" or "Group") 
 
 
 
 
On the 30th September 2009 the Company announced a delay in publishing the 
Group's audited accounts for the financial year ended 30th June 2009 in order to 
prepare for a proposed move to the Official List. 
 
 
In the course of these preparations, new systems have been introduced to 
reconcile and value inventory. These systems have raised certain issues 
regarding the valuation of a parcel of inventory acquired in the 2008 financial 
year. The directors believe these issues may have a material impact on the 2008 
audited accounts and the 2009 accounts, although the precise impact is still 
being evaluated. 
 
 
Whatever the outcome, the directors believe there will be no impact on either 
the physical amount of inventory held or upon the Group's cash flows. The issues 
raised are not believed to be a result of either fraud or theft. 
 
 
The Company is unlikely to be able to deliver to its bank lenders the 2009 
audited accounts within the time permitted in the Group's bank facility 
agreements. This will result in a breach of a non-financial covenant in those 
agreements. The Company is now commencing discussions with its bank lenders. 
 
 
Pending clarification of the impact of the above on the Group's historic and 
forthcoming results, the Company's shares will be suspended. 
 
 
A further announcement will be made in due course. 
 
 
Enquires: 
 
 
Aero Inventory                   0208 688 5812 
Rupert Lewin 
 
 
J.P. Morgan Cazenove          0207 588 2828 
Guy Marks 
 
 
      Buchanan Communications Limited      020 7466 5000 
      Bobby Morse 
      Christian Goodbody 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 SRSCKAKNOBDKAKB 
 

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