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Albemarle & Bond Hld (ABM)

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Monday 24 March, 2014

Albemarle & Bond Hld

Update on discussions with lenders

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
 
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