Trading & Bank Update & Change of NOMAD & Broker (2497A)
28 Gennaio 2011 - 8:00AM
UK Regulatory
TIDMROM
RNS Number : 2497A
Romag Holdings PLC
28 January 2011
Romag Holdings PLC
("Romag" or the "Company")
Update on preliminary results reporting date
Notification of discussions with Lloyds Banking Group
("LBG")
Appointment of Altium as Nominated Adviser and Broker
Romag, the leading UK manufacturer of specialist transparent
composites to the security, renewable energy, architectural and
specialist transport markets, announces an update on the timing of
the release of the Company's preliminary results and review of its
ongoing banking facilities with LBG.
As previously announced, following exceptional costs of
approximately GBP6 million in relation to the confirmed write down
of stock announced on 4 October 2010 and the impairment of
intangible assets notified on 7 December 2010, Romag will report a
loss for the period ended 30 September 2010. Over that year, Romag
reduced net debt by approximately GBP2.2 million and the Company's
forward order book remains very strong.
Subsequent to the exceptional costs incurred during 2010 the
Company has entered into negotiations with its current lender to
provide amended banking facilities.
The Company has now received a conditional offer of new debt
facilities from LBG which it is in the process of negotiating the
final terms of and the bank remains supportive of the Company.
At this stage the terms have yet to be finalised but it is
expected that they will include a commitment fee and an increase in
the overall cost of the Company's borrowings going forward on an
annualised basis.
The Company has today appointed Altium Capital Limited as its
Nominated Adviser and Broker to assist in the negotiations with LBG
and with our ongoing relationship with equity investors.
As a result of these ongoing discussions, the Board now intends
to report its preliminary results for the year ended 30 September
2010 once the revised banking terms have been finalised and entered
into.
Enquiries:
Romag Holdings PLC Tel: +44 (0) 1207
John Kennair, Executive Chairman 500 000
David Banks, Finance Director
Altium Tel: +44 (0) 845
Adrian Reed, Andrew Clarke, Corporate Finance 505 4343
David Cunningham, Alternative Energy & Cleantech Tel: +44 (0) 207
Analyst 484 4160
Kreab Gavin Anderson Tel: +44 (0) 20
Ken Cronin 7074 1800
Natalie Biasin
This information is provided by RNS
The company news service from the London Stock Exchange
END
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