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Conviviality PLC (CVR)

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Wednesday 28 March, 2018

Conviviality PLC

Update on Fundraising

RNS Number : 3147J
Conviviality PLC
28 March 2018
 

 

28 March 2018

Conviviality Plc

("Conviviality", the "Company" or the "Group")

 

Update on Fundraising

 

On 21 March 2018, the Company provided an update to the market on the actions the Board were undertaking to resolve the Company's funding requirements. A key element to this was an equity placing to raise gross proceeds of £125.0 million (the "Placing"), which the Directors believe is the minimum amount required to adequately recapitalise the business.

Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full £125.0 million.

The Board wish to thank its customers, suppliers and employees for their continued support during this difficult period for the Company.

The Company is in discussions with its lending banks and advisors regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts the business. A further update will be made as appropriate.

The Board believe that shareholders in the Company will receive little-to-nil value.

 

Temporary Suspension of Trading on AIM

The shares of Conviviality Plc remain suspended pending further notice.

Enquiries:

 

 

Investec (Nominated Adviser and Broker)

Garry Levin / David Flin / Daniel Adams

 

Tel: 020 7597 5970

FTI Consulting

Jonathon Brill / Georgina Goodhew / Fiona Walker

Tel: 020 3727 1000

 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging release of this information on behalf of the Company is Ciaran Stone, Group Head of Legal & Company Secretary.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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