TIDMPFIT

RNS Number : 5840A

Pressfit Holdings PLC

23 December 2014

23 December 2014

Pressfit Holdings plc

("Pressfit Holdings" or the "Company")

Further Re: New Convertible Loan Notes Program

Further to the announcements made on 10 December 2014 and 11 December 2014, the Board of Pressfit Holdings plc (the "Board") today provides an update on the Company's proposed new convertible loan note programme and other matters.

Trading in Pressfit Holdings' ordinary shares on AIM is currently suspended, pursuant to AIM Rule 1 (the "Suspension"), due to the Company's previous Nominated Adviser ceasing to be able to act as a Nominated Adviser. The Board is currently examining various potential options, which include, inter alia, seeking to appoint a new Nominated Adviser or applying for the Company's ordinary shares to be traded on an alternative market. There can, however, be no guarantee that any of these discussions will be successful.

Given the Suspension and the current uncertainty surrounding the Company's trading facility on AIM, Pressfit Holdings has deferred the agreement to issue new convertible loan notes ("CLNs") to Mr. Huang Jiang and Mr. Lin Yong Qing. The Company has, however, recently received a commitment fee of RMB 500,000 (equivalent to approximately GBP 51,000) towards the potential new CLNs from Messrs. Huang and Lin.

Pressfit Holdings will discuss progressing the potential issuance of new CLNs and any revisions to the terms of such new CLNs with Messrs. Huang and Lin in January 2015, once there is further clarity regarding the Suspension, the Company's status as an AIM quoted company and/or alternative trading facilities. The Company does not intend to issue any new CLNs until there is further clarity on these topics and there can be no guarantee that any new CLNs will be issued.

The Board believes that the Company's distribution agreement with Guangdong Anbaote Pipe Industry Co. Ltd ("Guangdong Anbaote"), a company controlled by Messrs. Huang and Lin, should be unaffected by the matters described above. Pressfit Holdings has completed the manufacture of an initial stocking order worth approximately RMB 1,000,000 (equivalent to approximately GBP 103,000) to Guangdong Anbaote and is in the process of delivering this order to Guangdong Anbaote.

Further announcements will be made in due course.

Enquiries:

 
Pressfit Holdings plc 
Chiu Yung Kit (Henry Chiu)                         +852 2207 0235 
 
Daniel Stewart & Company Plc 
David Coffman / Alex Brearley / Martin Lampshire   +44 (0) 207 776 6550 
 
First City Public Relations 
Allan Piper                                        +852 2854 2666

About Pressfit Holdings plc.

Pressfit Holdings is engaged in the manufacture and distribution of stainless and carbon steel pressfittings for use within industrial and residential piping systems. Pressfitting is a method of mechanically joining metal pipes to a connector, to create a reliable sealed joint. Pressfit Holdings, through its wholly-owned subsidiaries (collectively the "Group"), uses bespoke tooling to manufacture high-precision, thin-walled pipe connectors for supply to the European, Asian and Chinese markets. The Group's management and sales functions operate from Hong Kong. The Group's manufacturing unit is a production line facility in nearby Zhuhai, within Guangdong province in China.

This information is provided by RNS

The company news service from the London Stock Exchange

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