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GYG PLC (GYG)

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Friday 29 October, 2021

GYG PLC

Statement regarding Harwood Capital LLP

RNS Number : 6325Q
GYG PLC
29 October 2021
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION .

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION .

29 October 2021

GYG plc ("GYG", the "Company" or the "Group")

Statement regarding Harwood Capital LLP

GYG (AIM: GYG), the market leading superyacht painting, maintenance and supply company, notes today's announcement from Harwood Capital LLP ("Harwood") that it is no longer considering making an offer for GYG.

 

Following collaborative discussions throughout the due diligence process, the Board of GYG is in agreement with Harwood's decision that now is not the appropriate time to progress a potential offer. As such, the Company is no longer in an offer period. The Board welcomes Harwood's confirmation of its continued support as a significant shareholder in the Company.  

 

As set out in the Group's interim results for the six months ended 30 June 2021 announced on 30 September 2021, resolution of the previously notified Nobiskrug shipyard administration is a key determinant of the outturn for the current year.  GYG is close to reaching contractual resolution on the major refit project and in advanced discussions on the two New Build projects. Once this process is complete, the Board will be in a position to provide a comprehensive update on the 2021 outlook.

 

In line with previous guidance, based on the Group´s most recent financial forecasts, which include assumptions around contract wins, the timing of revenues, the margins achievable on projects, and a successful resolution to the Nobiskrug situation, the Board believes that the Group can generate sufficient cash to meet its working capital requirements and repay its borrowings as they fall due. As a result, the Board does not believe that it will need to seek additional funding from shareholders in the foreseeable future to maintain operations or to meet its obligations .

 

In the meantime, the Group continues to build its forward order book position, the superyacht market remains on a strong growth trajectory and the Board reiterates its confidence in the medium to longer-term prospects of the business.

 

 

Enquiries :



GYG plc

Stephen Murphy, Non-Executive Chairman

Remy Millott, Chief Executive Officer

Kevin McNair, Chief Financial Officer

 

 

via FTI Consulting
+44 (0) 20 3727 1000

 

Singer Capital Markets (Nominated Adviser, Broker and Financial Adviser)

Sandy Fraser

Peter Steel

Tom Salvesen

Amanda Gray

 

 +44 (0)20 7496 3000

FTI Consulting

Alex Beagley

Fiona Walker

Rafaella de Freitas

+44 (0) 20 3727 1000

 

 

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