MEA Medsea Estates

 

TIDMMEA 
 
RNS Number : 1368P 
Medsea Estates Group PLC 
19 March 2009 
 

MEDSEA ESTATES GROUP PLC 
('the Company' or "Medsea") 
Trading Update 
 
Further to the trading update made in the Interim Results of the Company 
(released on 30 September 2008) and the announcement of 10 November 2008, the 
board of directors of Medsea provides the market with the following update on 
trading and the position of the Company: 
The Company had unaudited sales in the region of GBP10.8m and unaudited losses 
in the region of GBP147,000 for the year ended 31 December 2008. Cash balances 
as at 31 December 2008 stood at circa GBP26,000. Cash balances as of 17 March 
2009 reduced to circa GBP10,000. 
The first quarter of 2009 has seen continued pressure on collecting commissions 
due to the adverse market conditions being felt globally. However, the key 
objective of trading at a level which enables the Company to almost break even 
is currently being met. New commissions continue to be generated and these are 
at such a level as to sustain the Company in meeting its current financial 
obligations. However, it is essential that receivables collection is maintained 
over the coming months if the Company is to remain viable as a going concern. 
Approximately sixty per cent. of the Company's revenues in 2008 were 
attributable to sales in Italy. However, commissions in relation to these 
Italian sales have been disputed and withheld by certain Italian promoters who 
Medsea sold properties on behalf of. The Company is seeking legal recourse 
through the Italian courts and although the directors believe there is a 
reasonable probability of success in recovering the outstanding commissions the 
process could take years and if unsuccessful the Company would have to write 
down approximately GBP2m of its 2008 revenues. 
The Company is continuing to discuss with various third parties potential 
transactions which could increase shareholder value. However, it should be noted 
that at present all such discussions remain in an early stage. If these 
discussions fail to bear fruit the Company will proceed with its original plan 
to delist from AIM. Shareholders will be notified of developments as they occur. 
Tony Gatehouse, Chairman of Medsea commented: "This is a difficult period for 
Medsea, however, I am pleased that our programme of downsizing has meant that we 
are able to continue to trade and that sales are generating enough revenues to 
just cover our costs. I continue to believe that if Medsea can survive this time 
of difficult trading we will be in a strong position to capitalise on any upturn 
in market sentiment. However, I am aware that the next few months will be key to 
the survival of Medsea and as such, as a board we continue to court interest 
from third parties who may be capable of realising shareholder value on a 
shorter timescale." 
 
 
For further information: 
 
+------------+------------------+ 
| Medsea     |                  | 
| Estates    |                  | 
| Group      |                  | 
| plc        |                  | 
+------------+------------------+ 
| Tony       | Tel:             | 
| Gatehouse, | +34 96 570 40 02 | 
| Chairman   |                  | 
+------------+------------------+ 
| Juan       |                  | 
| Carlos     |                  | 
| Rodriguez  |                  | 
| Martinez,  |                  | 
| Chief      |                  | 
| Executive  |                  | 
+------------+------------------+ 
 
 
+------------+-----------+ 
| HB         |           | 
| Corporate  |           | 
+------------+-----------+ 
| Imran      |           | 
| Ahmad/Rory | Tel: +44  | 
| Creedon    | (0) 20    | 
|            | 7510 8600 | 
+------------+-----------+ 
 
 
Media enquiries: 
+----------------+-----------+ 
| Threadneedle   |           | 
| Communications |           | 
+----------------+-----------+ 
| Alex           |           | 
| White/Josh     | Tel: +44  | 
| Royston        | (0) 20    | 
|                | 7653 9850 | 
+----------------+-----------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTILFVLVRIALIA 
 

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