Appointment of Receiver
14 10월 2006 - 2:54AM
UK Regulatory
RNS Number:4830K
European Home Retail plc
13 October 2006
For Immediate Release 13 October 2006
European Home Retail plc
Appointment of an Administrative Receiver to European Home Retail plc
The Board of European Home Retail plc ("the Company") announces that following
detailed discussions with its bankers it has become necessary for its Farepak
Food & Gifts Limited ("Farepak") subsidiary to appoint an Administrator, which
has led in turn to the appointment of an Administrative Receiver to the Company.
Since suspension of the Company's shares on 23 August 2006 the Board has
proposed several funding proposals to the Company's bankers to ensure the
ongoing trading of all European Home Retail's businesses.
The final proposal, which was rejected by the Bank, involved the continuation of
existing facilities reduced by the sale proceeds of certain assets, the sale of
Farepak and the provision of loan finance from various parties.
The Directors do not anticipate that there will be a return of value to
shareholders.
For further information please contact:
Suzanne Brocks
Buchanan Communications 0207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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