Conviviality PLC Update on Fundraising (3147J)
29 March 2018 - 3:42AM
UK Regulatory
TIDMCVR
RNS Number : 3147J
Conviviality PLC
28 March 2018
28 March 2018
Conviviality Plc
("Conviviality", the "Company" or the "Group")
Update on Fundraising
On 21 March 2018, the Company provided an update to the market
on the actions the Board were undertaking to resolve the Company's
funding requirements. A key element to this was an equity placing
to raise gross proceeds of GBP125.0 million (the "Placing"), which
the Directors believe is the minimum amount required to adequately
recapitalise the business.
Despite a significant number of meetings with potential
investors resulting in good levels of demand, and constructive
discussions with a number of key customers and suppliers regarding
the provision of support, there was ultimately insufficient demand
to raise the full GBP125.0 million.
The Board wish to thank its customers, suppliers and employees
for their continued support during this difficult period for the
Company.
The Company is in discussions with its lending banks and
advisors regarding other possible options and is in receipt of a
number of inbound enquiries regarding a potential sale of all or
parts the business. A further update will be made as
appropriate.
The Board believe that shareholders in the Company will receive
little-to-nil value.
Temporary Suspension of Trading on AIM
The shares of Conviviality Plc remain suspended pending further
notice.
Enquiries:
Investec (Nominated Adviser Tel: 020 7597 5970
and Broker)
Garry Levin / David Flin
/ Daniel Adams
FTI Consulting Tel: 020 3727 1000
Jonathon Brill / Georgina
Goodhew / Fiona Walker
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public domain.
The person responsible for arranging release of this information on
behalf of the Company is Ciaran Stone, Group Head of Legal &
Company Secretary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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