Company update
September 15 2010 - 12:24PM
UK Regulatory
TIDMWREN
RNS Number : 7784S
Wren Extra Care Group PLC
15 September 2010
15 September 2010
Wren Extra Care Group plc (AIM: WREN)
("Wren" or the "Company")
Company update
On 7 September 2010, Wren announced that it remained in discussions with a
number of possible investors to help complete funding packages necessary to
build the Company's Extra Care schemes. While these discussions have continued
to progress, there can be no guarantee that the Company will be able to secure
the necessary finance to develop its Extra Care schemes. Additionally, as stated
previously, Wren remains in discussions with its main lender in order to extend
the Company's working capital and other loan facilities which have been extended
on a regular basis since 1 May 2010.
The Company continues to sell units at its Warlingham, Surrey development. The
Directors expect that the remaining two units will be sold by the end of the
year. The Board has continued to take prudent steps to reduce the Company's
overhead in order to conserve cash. In addition, the Board is considering the
sale of certain, non-core properties which should generate net cash for Wren.
Until such time as the Company is able to secure the requisite finance to begin
developing its Extra Care schemes, it will be necessary to implement a programme
of realising cash from non-Extra Care assets.
Enquiries:
+------------------------+-----------------------------------+
| Wren Extra Care Group | |
| Plc | |
+------------------------+-----------------------------------+
| James Butterfield | Tel: 01372 742 244 |
| Corporate Development | www.wrenhomesplc.co.uk |
| Director/ | |
| Mike O'Donnell | |
| Financial Director | |
+------------------------+-----------------------------------+
| | |
+------------------------+-----------------------------------+
| Shore Capital | |
+------------------------+-----------------------------------+
| Pascal Keane | Tel: 020 7408 4090 |
+------------------------+-----------------------------------+
| | |
+------------------------+-----------------------------------+
| Peckwater PR | |
+------------------------+-----------------------------------+
| Tarquin Edwards | Tel: 07879 458 364 |
+------------------------+-----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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