China Food Company PLC Loan Note Expiry (2647W)
06 November 2014 - 6:00PM
UK Regulatory
TIDMCFC
RNS Number : 2647W
China Food Company PLC
06 November 2014
Press Release 5 November 2014
China Food Company Plc
("China Food", the "Group" or the "Company")
Loan Note Expiry
China Food Company Plc (AIM: CFC), a leading Chinese
manufacturer of cooking and dipping sauces, today announces that it
has not redeemed the GBP5.7m of Convertible Loan Notes of GBP1,000
each ("Loan Notes") which were due for redemption on 3 November
2014.
The Company is in contact with a number of Loan Note holders and
as previously notified intends to redeem the Loan Notes from the
proceeds arising from the sale of either its operating businesses.
Without a sale of the operating businesses the Company does not
have sufficient funds to redeem the Loan Notes.
As announced on 24 October 2014, the proposed sale of the
Company's animal feed and condiments businesses continues. The
intended sale of the animal feed business has progressed and the
Company has received a credible proposal from management to acquire
the animal feed business for net asset value, however completion of
any transaction is unable to occur until the condiments business
disposal is completed (as the land on which the animal feed
business operates is collateralised as part of the overall bank
facility with the condiments business). The discussions on the sale
of the condiments business continue with a number of parties, one
of whom, is undertaking due diligence. No offer has been received
at this stage and there is no certainty that any offer will be
received for the condiments business.
As announced on 11 July 2014, the Loan Notes have technically
been in default following suspension of the Company's shares from
trading on AIM on 25 June 2014. Details of the terms of the Loan
Notes were announced on 6 September 2013.
A further update will be provided in due course.
- Ends -
For further information:
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031
454
www.chinafoodcompany.com
finnCap
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20
Finance) 7220 0500
Numis Securities
David Poutney (Broker) Tel: +44 (0) 20
7260 1000
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Canace Tel: +44 (0) 20
Wong 7398 7714
canace.wong@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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