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Hume Cap Sec PLC (HUME)

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Wednesday 11 March, 2015

Hume Cap Sec PLC

Share Suspension

RNS Number : 1358H
Hume Capital Securities PLC
11 March 2015
 



11 March 2015

Hume Capital Securities plc ("Hume" or the "Company")

Share Suspension

The Board of Hume announces that it has requested that trading in its shares be suspended today.

In the last annual accounts it was stated that a further significant equity capital injection into the Company would be required in 2015. Substantial cost savings have been made in the business since last June, when the planning for the refinancing began. It has, however, become apparent that the legacy losses and costs of the business are too high and the current revenue generation of the business too low to resolve the capital shortfall to the satisfaction of our regulators without a capital injection at a level which is a significant multiple of that which was envisaged last June.  

Whilst the pipeline of potential new business across all divisions is now looking stronger than it has for some time, the timing of potential revenue receipts is nevertheless too far out or too uncertain to tide the business over in the short term. The Board has therefore reluctantly concluded, after consulting with the cornerstone investors and debt providers who have supported the business to date, that an underwritten fundraising at a level likely to provide the requisite capital and satisfy the Company's primary regulator for its authorised business is not commercially viable. Accordingly the Company's financial position is now unclear. The Board will make a further announcement as soon as practicable.

 Enquiries:

Hume Capital Securities plc

Guy Peters (Chief Executive Officer) 020 3693 1492

Grant Thornton UK LLP, Nominated Adviser

Philip Secrett /Melanie Frean/ Jamie Barklem 020 7383 5100

 

 


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