Statement re Press Speculation (8464C)
14 3월 2011 - 4:01PM
UK Regulatory
TIDMASTO
RNS Number : 8464C
AssetCo PLC
14 March 2011
14 March 2011
AssetCo plc
Statement regarding Press Speculation
"AssetCo plc ("AssetCo" or "the Company") notes the recent press
comment concerning a potential approach to the Company. On 3 March
2011, the Company announced a proposed placing of new shares, to
raise GBP16 million ("the Placing"). The general meeting to approve
the resolutions for the Placing to be completed is due to be held
on Monday 21st March 2011. The AssetCo directors ("the Directors")
confirm that they have received a preliminary approach from a third
party which was subject to various conditions including due
diligence. Talks with this party have been taking place
intermittently over several months. At the outset of talks the
board approved the establishment of a committee of independent
directors to oversee the matter. The Independent Directors consider
the current approach to be opportunistic and not in the interests
of shareholders as the indicated price range included an offer at a
discount to the current market price. As such, the Independent
Directors confirm that no talks are being conducted with this or
any other party on any possible offer for the Company. The Company
remains wholly committed to ensuring the Placing is successfully
completed and the Company is placed on a stronger financial
footing.
To that end, the Company has today entered into a short-term
loan facility of GBP1,450,000 with its principle banker which
continues to give the Company its support. This will enable the
Company to meet certain critical payments ahead of the Placing
proceeds becoming available. It will be repaid from the proceeds of
the Placing.
The announcement of the Placing has encouraged some creditors to
accelerate payment arrangements to the extent that the trade
creditor balance at the end of March will be lower than on a
normalised basis although some key creditors will be required to
remain on gradual repayment terms. In addition, the Company will
need to use some of the proceeds to reduce the level of recourse
debt on the Company's balance sheet and is in negotiations
concerning a suitable level of ongoing working capital
facility.
For further information please contact:
AssetCo plc +44 (0)20 7614 5917
Tim Wightman, Chairman
Arden Partners plc +44 (0)20 7614 5917
Richard Day
Adrian Trimmings
Cadogan PR +44 (0) 7771 713608
Alex Walters
Emma Wigan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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