Statement re Mayflower
31 Marzo 2004 - 7:07PM
UK Regulatory
RNS Number:1925X
Henlys Group PLC
31 March 2004
Date: 31 March 2004
Contact: Allan Welsh
Chief Executive
Bill Gillespie
Finance Director
Henlys Group plc
Telephone: 020 8953 9953
HENLYS GROUP plc
The board of Henlys Group plc ("Henlys") has noted the announcement today by The
Mayflower Corporation plc ("Mayflower") that it has been placed into
administration. As noted in the Company's announcement of 31 March 2004, Henlys
is a 30% joint venture shareholder in Mayflower's subsidiary, TransBus.
TransBus has also been placed into administration. Whilst TransBus has given a
guarantee and security to Mayflower's lenders in relation to Mayflower's debt,
there is no recourse to Henlys in relation to TransBus or Mayflower debt.
Furthermore, Henlys investment in TransBus is not part of the security given by
Henlys to its lenders under its current borrowing facilities.
In the Company's trading update of 9 March 2004, the profit contribution of
TransBus was #5.4 million (based on provisional figures for TransBus supplied by
Mayflower). In cash terms, Henlys assumed further dividends and other amounts
receivable from TransBus of #3.3 million in the year to 30 September 2004. The
Group's profit and cash flow will be adversely affected by these amounts.
Whilst it remains unclear what strategy Mayflower's administrators will pursue
as regards any disposal of TransBus, the Henlys board will conservatively be
making a full provision against Henlys investment in TransBus which appeared in
Henlys consolidated accounts for the year ended 30 September 2003 as #71.0
million. However, this will be kept under review and the board will seek to
obtain value for the investment.
The Group is considering all options concerning TransBus and is incontinuing
discussions with its lenders. The lead bank lenders are being kept fully
informed and remain supportive.
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
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