Update (0164P)

TIDMLMR

RNS Number : 0164P

Luminar Group Holdings PLC

27 September 2011

Luminar Group Holdings PLC

UPDATE

As announced on 25 August 2011, Luminar Group Holdings plc ("Luminar" or the "Company") obtained an extension to the covenant waiver granted in May by its banking group, comprising Lloyds TSB Bank plc, Barclays Bank plc and The Royal Bank of Scotland plc (the "Banking Group") until 27 October 2011, enabling Luminar to continue discussions with the Banking Group in respect of a longer term restructuring of the Group's debt.

Longer term restructuring options continue to be investigated by Luminar and include discussions with the Banking Group and with certain shareholders in relation to these options and to a potential equity fundraising for a restructured Group. In parallel with these discussions, the Company has also initiated a marketing process in respect of a potential sale of the Group's underlying business and assets and it has now received indicative bids in response. The bids received to date are at a level which, if accepted, would not realise any value for ordinary shareholders. The Board is continuing to explore both of these options. No offer has been received for the Company's ordinary shares and the Company is not in discussions with any party regarding an offer for the Company's ordinary shares.

The Banking Group has indicated that its waiver remains in place and that it remains supportive of the Group's strategy to pursue its restructuring options.

Trading since the announcement on 25 August 2011 has stabilised. Same outlet sales for the three weeks to 24 September 2011 were 6% behind the same period last year. In addition trading in our Fuzzy Logic student sessions during the Freshers period so far has been encouraging.

Luminar has also recently agreed terms to sell its club in Newcastle for a net consideration of GBP1.2m, with completion scheduled to take place during October 2011.

27 September 2011

Enquiries:

 
 Luminar Group Holdings plc          Tel: 01908 544100 
 Simon Douglas, Chief Executive 
  Philip Bowcock, Finance Director 
 
 College Hill                        Tel: 020 7457 2020 
 Matthew Smallwood 
  Jamie Ramsay

This information is provided by RNS

The company news service from the London Stock Exchange

END

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