Company Update and Offer Talks Discontinued (1436B)
14 2월 2011 - 4:00PM
UK Regulatory
TIDMASTO
RNS Number : 1436B
AssetCo PLC
14 February 2011
14/02/2011
Assetco PLC ("the Company")
Company Update and Offer Talks Discontinued
---------------------------------------------------------
The Company announced on 8 February 2011 that it had a shorter
term debt requirement of approximately GBP4.0 million and that it
was pursuing various alternatives to satisfy this. Since that time
the Directors have been engaged in discussions with various parties
with respect to the short term needs of the business.
The short term funding issues have arisen as a result of delays
to the refinancing of non-recourse asset financing facilities of
the business (the "Refinancing"). The current net book value of the
assets which are the subject of the Refinancing is approximately
GBP62.4 million. It is planned that as a result of the Refinancing
the current debt of GBP50.6 million which is secured on these
assets will be repaid and approximately GBP8.5 million of capital
(net of fees and the cost of interest rate hedges) will be released
to fund the working capital needs of the business.
Whilst the Directors remain confident that the Refinancing will
be delivered before the financial year end, the delay has led to a
significant strain on the cash resources of the business.
In order to meet its immediate needs the Company is in advanced
discussions in relation to a short term debt facility of GBP3.5
million which will be used to satisfy the majority of the Company's
immediate requirements and is seeking to release further amounts
from other facilities available to it. At the same time the Company
expects to receive waivers from certain technical breaches of its
banking conditions. However, the Company will still require the
Refinancing to meet the short term working capital requirements of
the business.
In light of the delays to the Refinancing, the Directors are now
considering a number of other solutions to the capital requirements
of the business including an equity fundraising.
Consequently the Company announces that it has informed the
potential offeror referred to in the announcement dated 31 January
2011 that it is discontinuing talks with it in order to concentrate
on the Company's short term issues.
Notwithstanding the short term financing issues referred to
above the Company's existing contracts continue to perform as
expected and the Company is in discussions in relation to
additional contracts in the Middle East and elsewhere, which it
expects to be in a position to announce shortly.
Enquiries:
AssetCo plc +44 (0) 20 8515 3999
John Shannon, Chief Executive Officer
Tim Wightman, Chairman
Evolution Securities Limited +44 (0) 20 7071 4300
Stuart Andrews
James Nevin
Arden Partners plc +44 (0) 20 7614 5917
Richard Day
Adrian Trimmings
Cadogan PR +44 (0) 7771713608
Alex Walters
Emma Wigan
Dealing Disclosure Requirements Under Rule 8.3(a) of the Code,
any person who is interested in 1% or more of any class of relevant
securities of an offeree company or of any paper offeror (being any
offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement
of the offer period and, if later, following the announcement in
which any paper offeror is first identified. An Opening Position
Disclosure must contain details of the person's interests and short
positions in, and rights to subscribe for, any relevant securities
of each of (i) the offeree company and (ii) any paper offeror(s).
An Opening Position Disclosure by a person to whom Rule 8.3(a)
applies must be made by no later than 3.30 pm (London time) on the
10th business day following the commencement of the offer period
and, if appropriate, by no later than 3.30 pm (London time) on the
10th business day following the announcement in which any paper
offeror is first identified. Relevant persons who deal in the
relevant securities of the offeree company or of a paper offeror
prior to the deadline for making an Opening Position Disclosure
must instead make a Dealing Disclosure Under Rule 8.3(b) of the
Code, any person who is, or becomes, interested in 1% or more of
any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in
any relevant securities of the offeree company or of any paper
offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and
rights to subscribe for, any relevant securities of each of (i) the
offeree company and (ii) any paper offeror, save to the extent that
these details have previously been disclosed under Rule 8. A
Dealing Disclosure by a person to whom Rule 8.3(b) applies must be
made by no later than 3.30 pm (London time) on the business day
following the date of the relevant dealing. If two or more persons
act together pursuant to an agreement or understanding, whether
formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror they will be
deemed to be a single person for the purpose of Rule 8.3 Opening
Position Disclosures must also be made by the offeree company and
by any offeror and Dealing Disclosures must also be made by the
offeree company, by any offeror and by any persons acting in
concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of
the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures
must be made can be found in the Disclosure Table on the Takeover
Panel's website at www.thetakeoverpanel.org.uk
<http://www.thetakeoverpanel.org.uk> , including details of
the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. If you are in
any doubt as to whether you are required to make an Opening
Position Disclosure or a Dealing Disclosure, you should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129."
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLFFEIFFIVLIL
Assetco (LSE:ASTO)
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Assetco (LSE:ASTO)
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