Modern Water PLC Further re: Working capital update (1366F)
July 10 2019 - 9:31AM
UK Regulatory
TIDMMWG
RNS Number : 1366F
Modern Water PLC
10 July 2019
Modern Water plc
("Modern Water", "the Company")
Further re: Working capital update and funding discussions
For immediate release 10 July 2019
Further to the Board's announcement of 7 June 2019, Modern
Water, the owner of world-leading technologies for water and
wastewater treatment and for water quality monitoring, announces a
further update in relation to its funding discussions and working
capital position.
The Board is continuing to manage its working capital carefully
with the business being funded using extended credit lines
alongside increased efforts to convert debtors to cash. Whilst this
may be sustainable in the short term, it is important that
significant additional funding is secured in the near term in order
to provide a sustainable basis on which to continue to operate the
Group.
The Company continues to explore various options to raise
additional capital for the Company and remains in discussions with
potential funding parties. It is possible that none of the options
being explored by the Board may come to fruition on an acceptable
or timely basis or at all, but the Board believes these options to
be viable and a further update will be made as appropriate.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Modern Water plc +44 (0) 1483 696 000
Simon Humphrey, Chief Executive
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 207 213 0880
Sandy Jamieson / Tony Rawlinson
Ludovico Lazzaretti
Turner Pope Investments (Broker)
Andy Thacker +44 (0) 20 3621 4120
Notes to editors:
Modern Water is a pioneering and innovative technology company,
specialising in membrane water treatment solutions and advanced
monitoring products. The Company works for customers in a range of
industries across the globe and owns proprietary technologies for
use in a diverse range of applications. Modern Water's Monitoring
Division has a portfolio of world-leading toxicity and trace metal
monitoring products, some of which constitute the regulatory
standard. The headline technology of the Company's Membrane
Division, called "AMBC", can be used to tackle complex wastewater
treatment problems at a reduced cost compared to standard
processes, while being simple to operate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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