Suspension of shares
23 June 2008 - 5:03PM
UK Regulatory
RNS Number : 2629X
ScS Upholstery PLC
23 June 2008
For immediate release 23 June
2008
ScS Upholstery PLC ("ScS" or "the Company")
Suspension of shares
The Company announced on 15 June 2008 that it was in discussions with a number of external parties to address the working capital
requirements of its suppliers, and therefore its own working capital position.
During these discussions, the directors have received an approach from one of the parties to acquire the entire share capital of its
sole trading subsidiary. This approach would see the trading subsidiary being provided with substantial working capital facilities that
would fully resolve the working capital issues and ensure all suppliers have a strong and ongoing relationship with the business.
To enable discussions to be progressed to a speedy conclusion the Company has entered into exclusive discussions with the external
party, and due diligence is underway.
However, as these discussions have developed, it has become clear to the Directors of ScS that the extent of the additional working
capital funding required may result in only negligible value being attributed to the shares in ScS Upholstery PLC.
As a result, the Directors of ScS have requested a suspension in the trading of the Company's shares with immediate effect.
A further announcement will be made in due course.
Enquiries:
David Knight 0191 5146054
ScS Upholstery PLC
Nicola Cronk 020 746 65000
Buchanan Communications
This information is provided by RNS
The company news service from the London Stock Exchange
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