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Abbeycrest to approve alternative facilities for peak trading period
28 Feb '06
2 min read
The Group's bankers have asked the Board to arrange alternative facilities for the peak trading period. The directors have therefore sought a refinancing, which is now well advanced, in order to continue normal operations.
Although not previously envisaged, the refinancing will now include a sale and leaseback of property and as the company is now approaching the build up to its seasonal trading period, there is insufficient time to prepare a circular for shareholders to approve a sale and leaseback. Accordingly, the directors will be approaching the UKLA, pursuant to 10.8.1 of the Listing Rules, to request a waiver so that the refinancing can be undertaken and secured within a matter of days.
In the meantime the Directors have requested that the Company's shares are suspended, pending clarification of its financial position while it finalises the refinancing exercise.
The Directors are confident that the new facilities, including the sale and leaseback of property, will be secured within a matter of days. The Directors also remain confident about the future prospects for the Group and expect to make a more comprehensive announcement when the new facilities are in place.
UK based world's leading jewelry maker & distributor The Abbeycrest Group offers an unrivalled breadth of services to the global jewellery market. The Group based in UK offers a full 'menu' services (including design, manufacture, range management and stockholding/distribution) through to a supply of customer designed product direct from our Far East manufacturing plants.
Although not previously envisaged, the refinancing will now include a sale and leaseback of property and as the company is now approaching the build up to its seasonal trading period, there is insufficient time to prepare a circular for shareholders to approve a sale and leaseback. Accordingly, the directors will be approaching the UKLA, pursuant to 10.8.1 of the Listing Rules, to request a waiver so that the refinancing can be undertaken and secured within a matter of days.
In the meantime the Directors have requested that the Company's shares are suspended, pending clarification of its financial position while it finalises the refinancing exercise.
The Directors are confident that the new facilities, including the sale and leaseback of property, will be secured within a matter of days. The Directors also remain confident about the future prospects for the Group and expect to make a more comprehensive announcement when the new facilities are in place.
UK based world's leading jewelry maker & distributor The Abbeycrest Group offers an unrivalled breadth of services to the global jewellery market. The Group based in UK offers a full 'menu' services (including design, manufacture, range management and stockholding/distribution) through to a supply of customer designed product direct from our Far East manufacturing plants.
The Abbeycrest Group
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