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61.25 0.00 (0.00%)

Bid:

60.00

Ask:

62.50

Spread: 2.50 (4.167%)

Market Cap: £5.62m

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CPPGroup in talks with lenders to refinance

Wed, 17th Apr 2013 08:43

CPPGroup said on Wednesday it has proposed the disposal of its North American business to AMT Warranty Corp. following talks with lenders to turnaround its financial struggles. The British-based insurance company is in discussions with existing lenders, Barclays Bank, the Royal Bank of Scotland and Santander concerning the financing requirements of the group. Founder and Non-Executive Director Hamish Macgregor Ogston has indicated that he would be willing to participate with the lenders in refinancing the company, subject to pre-conditions and limitations. Conditions include the disposal, which must result in net proceeds to the group of not less than £20m. New credit arrangements for the group with a three-year term would be agreed between the group, Ogston and the lenders under a deal. The sale of the North American business would require shareholder approval.Shares plunged 26.71% to 5.35p at 09:19 Wednesday.RD