Working Capital Funding Update (4510A)
February 01 2011 - 3:53AM
UK Regulatory
TIDMEFD
RNS Number : 4510A
Eatonfield Group plc
01 February 2011
1 February 2011
Eatonfield Group plc
("Eatonfield" or "the Group")
Working capital funding update
On 20 December 2010, the board of Eatonfield announced that the
Group had sufficient working capital funding through to late
January 2011. Eatonfield continues to defer payment of amounts due
to certain of its senior lenders and trade creditors to a later
date. On the basis that the relevant lenders and trade creditors do
not demand payment in the short-term and that Eatonfield continues
to receive their support, the board now expects that the Group's
existing financial resources will provide it with sufficient
working capital funding until late February 2011.
The board believes that the previously notified negotiations for
the sale of the Group's Welsh land portfolio and agreement of
related follow-on housebuilding contracts, both of which remain
subject to the consent of the Group's lenders, are now approaching
the final stages. Following conclusion of these negotiations, the
board then intends to seek agreement to similar arrangements for
the Group's Corus and Birkwood sites as well as pursue plans to
raise further equity. The board also confirms that all of the
Group's existing bank facilities remain available at the date of
this announcement.
For further information please contact:
Eatonfield Group plc Tel: +44 (0)1829 261 910
Brian Corfe (Executive Chairman)
Rob Lloyd (Group Chief Executive)
Duncan Syers (Group Finance Director)
Evolution Securities Limited Tel: +44 (0)113 243 1619
Joanne Lake/Peter Steel
Optiva Securities Limited Tel: +44 (0)203 137 1904
Jeremy King
Threadneedle Communications Tel: +44 (0)207 653 9850
Graham Herring/John Coles
End
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