ACE.L Regulatory News (ACE)

Accident Exchange Group Plc

(the "Company")

UPDATE ON REFINANCING DISCUSSIONS

AND

ANNUAL RESULTS TIMETABLE

As reported on 19 March 2010, the Company has been engaged in a review of its financial structure with its senior lender and its asset backed lenders. These discussions have more recently been extended to consider a potential restructuring of the £50m 5.50% unsecured convertible loan notes due 2013 (the "CLNs").

The Company's senior lender has advised that, subject to agreeing final terms with the Company and the Company successfully negotiating restructuring terms with the other stakeholders including the holders of the CLN's, it is willing to amend the terms of its £40m Senior Credit Agreement to, among other things, extend the maturity date from 30 September 2010 to an amortisation running until 2013. Documentation amending the terms of the Senior Credit Agreement is being negotiated. 

The Company is in constructive discussions with its CLN holders regarding a restructuring. In its capacity as a holder of approximately 40% of the CLNs, the senior lender has indicated that, subject to the support of the other CLN holders, it is willing to consider converting its CLN interest into an equity interest as part of a restructuring. In view of these ongoing discussions, the Company has received assurances from the holders of over 90% in value of the CLNs that the interest payment on the CLNs due to be paid on 8 July 2010 may be deferred as part of and pending the outcome of these discussions.

Finally, the Company is also in discussions with a number of asset backed lenders with a view to increasing available vehicle funding facilities post-refinancing. 

A further update on refinancing discussions will be made in due course.

In view of the above, the Company expects to publish its annual results for the financial year ended 30 April 2010 on or before 31 August 2010.

ENDS

CONTACTS:

About Accident Exchange

Based in the West Midlands and with regional depots in Glasgow, Belfast, Warrington and Dartford, Accident Exchange delivers accident management and other solutions to automotive and insurance related sectors. Fully listed, the stock code is LSE: ACE.