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Correction: Company Update

22 Jan 2019 18:19

RNS Number : 8149N
Patisserie Holdings PLC
22 January 2019
 

For immediate release

 

22 January 2019

 

 

Patisserie Holdings plc

 

 

Correction: Company Update

 

The announcement below now includes the quantum of the loan amount. All other information remains unchanged.

 

Patisserie Holdings plc

 

 

Company Update

 

 

Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company") announces today that, as a direct result of the significant fraud referred to in previous announcements, it has been unable to renew its bank facilities, and therefore regrettably the business does not have sufficient funding to meet its liabilities as they fall due.

As a consequence, the Directors have appointed partners at KPMG as administrators to the Company and its various subsidiaries.

 

The Chairman Luke Johnson has personally extended an unsecured, interest-free loan of £3.0 million to help ensure that the January wages are paid to all staff working in the ongoing business ("the Loan"). This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.

 

As a Director, and due to the size of his holding, the entering into the Loan by Luke Johnson will be deemed to be a transaction with a related party under Rule 13 of the AIM Rules. The independent Directors consider, having consulted with Canaccord Genuity, acting in its capacity as the Company's Nominated Adviser, that the terms of the Loan are fair and reasonable insofar as the Company's shareholders are concerned.

 

 

Enquiries:

Patisserie Holdings plc +44 (0)121 777 7000

Luke Johnson, Executive Chairman

Steve Francis, CEO

 

Nomad and Broker

Canaccord Genuity Limited +44 (0)20 7523 8000

Chris Connors

Henry Fitzgerald-O'Connor

 

Financial Public Relations

Maitland +44 (0) 20 7379 5151

Sam Cartwright

Jonathan Cook

 

 

END

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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Date   Source Headline
15th Feb 20197:00 amRNSPatisserie Holdings PLC - CAKE Disposal
14th Feb 201911:26 amRNSDisposal
23rd Jan 20195:30 pmRNSPatisserie Holdings
22nd Jan 20196:19 pmRNSBroker and Nomad Resignation
22nd Jan 20196:19 pmRNSCorrection: Company Update
22nd Jan 20194:51 pmRNSCompany Update
21st Jan 20197:00 amRNSCompany update
17th Jan 201910:09 amRNSResignation of Director
16th Jan 20193:53 pmRNSCompany update
14th Jan 20191:02 pmRNSResignation of Director
21st Dec 20181:14 pmRNSAppointment of a new NED & Audit Committee Chair
20th Dec 20184:38 pmRNSCorrection: Update re Auditor
20th Dec 20182:53 pmRNSUpdate re Auditor
5th Dec 20187:00 amRNSAppointment of Interim Chief Financial Officer
19th Nov 20182:39 pmRNSBanking Update
15th Nov 201812:55 pmRNSResignation and Appointment of CEO
6th Nov 20187:00 amRNSHolding(s) in Company
1st Nov 201812:12 pmRNSResult of Meeting
1st Nov 20187:00 amRNSGeneral Meeting Update
31st Oct 20185:18 pmRNSStatement re Press Comment
24th Oct 20188:55 amRNSCorporate Update
24th Oct 20188:55 amRNSClarification regarding LTIP Scheme
16th Oct 20184:32 pmRNSPosting of circular and notice of GM
12th Oct 20185:18 pmRNSResult of placing
12th Oct 20183:44 pmRNSTrading update and proposed placing
12th Oct 20188:52 amRNSFinance Director
11th Oct 20181:22 pmRNSFurther trading update
10th Oct 20181:53 pmRNSFurther Trading Update
10th Oct 20187:30 amRNSSuspension - Patisserie Holdings Plc
10th Oct 20187:30 amRNSTrading Update
28th Sep 20184:21 pmRNSIssue of Equity
3rd Sep 20188:26 amRNSIssue of Equity
23rd Aug 20185:19 pmRNSHolding(s) in Company
1st Aug 20185:08 pmRNSIssue of Equity
20th Jul 20184:30 pmRNSDirector/PDMR Shareholding
20th Jul 20184:30 pmRNSDirector/PDMR Shareholding
10th Jul 20181:39 pmRNSHolding(s) in Company
3rd Jul 20182:01 pmRNSBlocklisting application
29th Jun 20186:00 pmRNSDirector/PDMR Shareholding
29th Jun 20186:00 pmRNSIssue of Equity
15th May 20187:00 amRNSHalf-year Report
19th Apr 20185:55 pmRNSHolding(s) in Company
12th Apr 201810:41 amRNSNotice of Results
7th Feb 20185:07 pmRNSDirector/PDMR Shareholding
5th Feb 20184:19 pmRNSHolding(s) in Company
2nd Feb 20184:20 pmRNSDirector/PDMR Shareholding
2nd Feb 20184:20 pmRNSDirector/PDMR Shareholding
1st Feb 20187:59 amRNSHolding(s) in Company
30th Jan 20184:38 pmRNSAGM Statement
22nd Dec 201712:00 pmRNSAGM Statement
12

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