Email / RNS14 Feb 2007 08:39
14 February 2007
Torex Retail plc (the "Company")
Appointment of New Chairman and Increased Bank Funding
Torex Retail plc, a global retail systems provider, today provides a
further update as to its board composition and financing arrangements.
The Company announces that Steve Marshall has been appointed to the main Board
with immediate effect as Non-executive Chairman. Mr Marshall has had a
prestigious career in industry, including as CEO of both Railtrack PLC and Thorn
PLC, having also been group finance director at both companies. He is currently
non-executive chairman of Delta PLC and a non-executive director of Balfour
Beatty PLC and Southern Water Services Ltd. He was also executive chairman of
Queens Moat Houses PLC.
This appointment follows those recently of Keith Taylor as Acting Chief
Executive Officer and Iain Lynam as Chief Restructuring Officer, all of which
considerably strengthen the Board's operational and corporate restructuring
experience.
The Company also announces that its syndicate of banks has agreed to provide the
requested additional short-term working capital facility of £15.0 million. The
Board considers that this will be sufficient to meet the Company's short-term
working capital requirements. The £15.0 million is in addition to the Company's
existing total banking facilities of £152.5 million comprising term loans and
overdraft facilities.
The Company expects to enter into further disc