Update on refinancing discussions
July 09 2010 - 2:00AM
UK Regulatory
TIDMACE
RNS Number : 0920P
Accident Exchange Group PLC
09 July 2010
+------------------------------------+-------------------------------+
| FOR IMMEDIATE RELEASE | 9 July 2010 |
+------------------------------------+-------------------------------+
Accident Exchange Group Plc
(the "Company")
UPDATE ON REFINANCING DISCUSSIONS
AND
ANNUAL RESULTS TIMETABLE
As reported on 19 March 2010, the Company has been engaged in a review of its
financial structure with its senior lender and its asset backed lenders. These
discussions have more recently been extended to consider a potential
restructuring of the GBP50m 5.50% unsecured convertible loan notes due 2013 (the
"CLNs").
The Company's senior lender has advised that, subject to agreeing final terms
with the Company and the Company successfully negotiating restructuring terms
with the other stakeholders including the holders of the CLN's, it is willing to
amend the terms of its GBP40m Senior Credit Agreement to, among other things,
extend the maturity date from 30 September 2010 to an amortisation running until
2013. Documentation amending the terms of the Senior Credit Agreement is
being negotiated.
The Company is in constructive discussions with its CLN holders regarding a
restructuring. In its capacity as a holder of approximately 40% of the CLNs, the
senior lender has indicated that, subject to the support of the other CLN
holders, it is willing to consider converting its CLN interest into an equity
interest as part of a restructuring. In view of these ongoing discussions, the
Company has received assurances from the holders of over 90% in value of the
CLNs that the interest payment on the CLNs due to be paid on 8 July 2010 may be
deferred as part of and pending the outcome of these discussions.
Finally, the Company is also in discussions with a number of asset backed
lenders with a view to increasing available vehicle funding facilities
post-refinancing.
A further update on refinancing discussions will be made in due course.
In view of the above, the Company expects to publish its annual results for the
financial year ended 30 April 2010 on or before 31 August 2010.
ENDS
CONTACTS:
+------------------------------------------+-------------------+
| Accident Exchange Group Plc | |
+------------------------------------------+-------------------+
| Steve Evans, Chief Executive | 08703 009 781 |
+------------------------------------------+-------------------+
| Martin Andrews, Group Finance Director | 08703 009 781 |
+------------------------------------------+-------------------+
| | |
+------------------------------------------+-------------------+
| | |
| Singer Capital Markets Limited | |
+------------------------------------------+-------------------+
| Shaun Dobson, Joint Head of Corporate | 020 3205 7500 |
| Finance | |
+------------------------------------------+-------------------+
| | |
+------------------------------------------+-------------------+
| | |
+------------------------------------------+-------------------+
| | |
+------------------------------------------+-------------------+
About Accident Exchange
Based in the West Midlands and with regional depots in Glasgow, Belfast,
Warrington and Dartford, Accident Exchange delivers accident management and
other solutions to automotive and insurance related sectors. Fully listed, the
stock code is LSE: ACE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCRPMPTMBJMBIM
Auhua Clean (LSE:ACE)
Historical Stock Chart
From May 2024 to Jun 2024
Auhua Clean (LSE:ACE)
Historical Stock Chart
From Jun 2023 to Jun 2024
