Ashley (Laura) Hldgs PLC INTENTION TO APPOINT ADMINISTRATORS (4324G)
17 March 2020 - 9:32PM
UK Regulatory
TIDMALY
RNS Number : 4324G
Ashley (Laura) Hldgs PLC
17 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").
17 March 2020
For immediate release
LAURA ASHLEY HOLDINGS PLC
(the "Company" and together with its subsidiaries, the
"Group")
INTENTION TO APPOINT ADMINISTRATORS AND SUSPENSION OF
TRADING
Further to the Company's announcement on 13 March 2020, the
Company has continued to closely monitor the impact of the COVID-19
outbreak and has reviewed its immediate cashflow forecasts.
For the seven weeks up to 13(th) March, trading for the Laura
Ashley business improved by 24% year-on-year and the directors were
encouraged by this strong performance. However, the COVID-19
outbreak has had an immediate and significant impact on trading,
and ongoing developments indicate that this will be a sustained
national situation.
Discussions with stakeholders have been ongoing and the
directors are in advanced discussions for the provision of
third-party debt funding. However, based on the Company's revised
cashflow forecasts and the increased uncertainty facing the Group,
the Company expects that it will not be in a position to draw down
additional funds from third party lenders in a timely manner
sufficient to support working capital requirements. MUI Asia
Limited has confirmed that it is unable to provide financial
support in the required timeframe.
The directors of the Company, its key trading subsidiary (Laura
Ashley Limited), Premier Home Logistics Limited, Laura Ashley
Investments Limited, and Texplan Manufacturing Limited, have
concluded that all available alternative options have been explored
and therefore, in order to protect creditors, it is necessary to
file a notice of intention to appoint administrators in respect of
the Company and each of the named subsidiaries.
Accordingly, the Company regrets to announce that the directors
of the Company, and of the named subsidiaries, have today filed
notices of intention to appoint Robert Lewis and Zelf Hussain as
administrators. If administrators are appointed in respect of the
Company, given the Group's creditor position, the Company is not
certain whether there would be any surplus assets available to
shareholders of the Company.
The Company has requested that its ordinary shares be suspended
from premium listing segment of the Official List. Further
announcements will be made in due course.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Sagar Mavani, Chief Financial Officer.
Enquiries:
Katharine Poulter / Sagar
Mavani Laura Ashley 020 7880 5100
Anita Scott / Alice Gibb Brunswick 020 7404 5959
Rick Thompson / Michael Cantor Fitzgerald
Boot Europe 020 7894 7000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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