Cancellation of AIM Listing
15 Gennaio 2009 - 6:30PM
UK Regulatory
TIDMALGL
RNS Number : 7424L
American Leisure Group Limited
15 January 2009
+------------------------------------+-------------------------------------------+
| Press Release | 15 January 2009 |
+------------------------------------+-------------------------------------------+
American Leisure Group Limited
("ALG" or "the Company")
Cancellation of trading in ALG Shares on AIM
The audited 2007 Accounts and the Interim Statement for the six months ended 30
June 2008 of American Leisure Group Limited (AIM: ALG) were both released on 29
December 2008, however the suspension of the trading of the Company's shares on
AIM was not lifted by the London Stock Exchange ("LSE") pending further
clarification of the financial position of the Group.
Current Financial Position
On 29 December 2008, the Company stated that it remained in discussions with
Kennedy Funding Inc. ("Kennedy") for a new credit facility, which was originally
committed conditionally in August 2008 and subsequently extended to 15 January
2009. It was then expected that a new facility, if granted, might provide some
US$4 million of new working capital for the Company (i.e. after the deduction of
closing costs, an interest reserve for twelve months and the repayment of the
existing mortgage of US$10 million on Bella Citta). As then noted, new
additional facilities are required to finance the immediate working capital
requirements of the Group and then to help facilitate completion of ALG's first
phase of resort townhomes at Tierra del Sol. ALG remains in discussions with
Kennedy with respect to this reduced facility and Kennedy has now further
extended this commitment to 14 February 2009.
The Company also remains in discussions with its bankers to rollover existing
facilities and also with several other parties to secure further facilities,
including to finance interest payments on the outstanding mortgages on the
Group's land bank, as well as construction loan facilities to enable the build
out of resort amenities and units. Such facilities have also yet to be secured.
As previously stated, ALG needs to secure new facilities to continue trading.
Cancellation of trading of ALG shares on AIM
ALG's shares were suspended from trading on AIM on 30 June 2008. Under AIM Rule
41, the admission to trading of ALG shares on AIM would therefore, as the
suspension has not been lifted, normally have been cancelled automatically by
the LSE at 7.00 a.m. on 31 December 2008. However, the LSE agreed, pending
further clarification of the Company's financial position, to extend the date
for such cancellation from 31 December 2008 to 16 January 2009.
In view of the continued uncertainty as to the financial position of the Group,
the suspension has not been lifted by the LSE and the LSE will cancel the
admission to trading of ALG shares on AIM at 7.00 a.m. on Friday 16 January
2009.
As the Company will remain an unquoted company, any further announcements
will be made via the Company's website at www.americanleisuregroupltd.com.
The Directors intend to prepare and publish the audited accounts for the year
ended 31 December 2008.
- Ends -
For further information please contact:
+-----------------------------------------+------------------------------------+
| American Leisure Group Limited | |
+-----------------------------------------+------------------------------------+
| Malcolm Wright, Chief Executive Officer | Tel: +1 (407) 251 2240 |
+-----------------------------------------+------------------------------------+
| | www.americanleisuregroupltd.com |
+-----------------------------------------+------------------------------------+
| Collins Stewart (Nomad) | |
+-----------------------------------------+------------------------------------+
| Hugh Field | Tel: +44 (0) 20 7523 8325 |
+-----------------------------------------+------------------------------------+
Media enquiries:
+--------------------------------------------+-----------------------------------+
| Abchurch | |
+--------------------------------------------+-----------------------------------+
| Henry Harrison-Topham / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7718 |
+--------------------------------------------+-----------------------------------+
| stephanie.cuthbert@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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