EFD Eatonfield

 

TIDMEFD 
 
RNS Number : 6470T 
Eatonfield Group plc 
01 October 2010 
 

1 October 2010 
 
 
                              Eatonfield Group plc 
                          ("Eatonfield" or "the Group") 
                         Working capital funding update 
 
On 16 September 2010, the board of Eatonfield announced that the Group had 
sufficient working capital funding through to mid-October 2010. The board now 
expects the Group's existing financial resources will provide it with sufficient 
working capital funding until the end of October 2010. 
 
As previously notified, certain of the Group's banking facilities fell due for 
renewal on 30 September 2010. Whilst the Group has not received formal notice of 
extension of such facilities, the board remains in constructive discussions with 
the relevant lenders and all of the Group's existing banking facilities remain 
available at the date of this announcement. 
 
The board continues to make progress with a range of strategic options, 
including the disposal of certain of its land assets, which, if successful, 
would reduce the Group's net debt and protect shareholder value. The board is 
also progressing with its plans to raise further equity funding, which, as 
previously notified, will require a capital reorganisation. The board intends to 
send a circular to shareholders convening a general meeting to consider the 
capital reorganisation shortly. 
 
For further information please contact: 
 
+------------+---------+ 
| Eatonfield | Tel:    | 
| Group plc  | +44     | 
|            | (0)1829 | 
|            | 261 910 | 
+------------+---------+ 
| Brian      |         | 
| Corfe      |         | 
| (Executive |         | 
| Chairman)  |         | 
+------------+---------+ 
| Rob        |         | 
| Lloyd      |         | 
| (Group     |         | 
| Chief      |         | 
| Executive) |         | 
+------------+---------+ 
| Duncan     |         | 
| Syers      |         | 
| (Group     |         | 
| Finance    |         | 
| Director)  |         | 
+------------+---------+ 
 
+-------------------------------------+------------------------------+ 
| Evolution Securities Limited        | Tel: +44 (0)113 243 1619     | 
|                                     |                              | 
+-------------------------------------+------------------------------+ 
| Joanne Lake/Casper Kaars            |                              | 
+-------------------------------------+------------------------------+ 
 
+-------------------------------------+------------------------------+ 
| Optiva Securities Limited           | Tel: +44 (0)203 137 1904     | 
|                                     |                              | 
+-------------------------------------+------------------------------+ 
| Jeremy King                         |                              | 
+-------------------------------------+------------------------------+ 
 
+-------------------------------------+------------------------------+ 
| Threadneedle Communications         | Tel: +44 (0)207 653 9850     | 
|                                     |                              | 
+-------------------------------------+------------------------------+ 
| Graham Herring/John Coles           |                              | 
+-------------------------------------+------------------------------+ 
 
 
                                      End 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLMMATMBJJBJM 
 

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