Last checked at 28 Mar 2013 14:36
CPPGroup Plc
28 MARCH 2013
UPDATE ON FINANCING OPTIONS
As announced in its statement dated 20 March 2013 regarding the Group's financing options, the Board of CPPGroup Plc ("CPP" or the "Group") has continued to work on a number of financing solutions and, inter alia, have constructive discussions with the Group's existing lenders with regard to a solution to the Group's financial position.
In the course of these discussions, Mr Hamish Macgregor Ogston CBE has made a preliminary approach to the Group at an indicative price of 1 pence per ordinary share, as announced on 27 March 2013, which may or may not lead to an offer being made for the Group. It should be noted that the approach is at an early stage and there can be no certainty that an offer will be made or as to the terms of any such offer, should one be forthcoming.
The Group confirms that it has today agreed with its existing lenders a two week extension to the maturity of the Group's revolving credit facility from 31 March 2013 to 12 April 2013. This extension will allow the Group to continue discussions relating to a number of alternative financing and strategic options with the aim of concluding these discussions prior to the extended maturity. The Board remains focused on reaching an agreed financing solution with a view to ensuring the viability of the Group in the short and longer term, although there can be no certainty that such a solution will be found.
The Board will make further announcements as necessary in due course.
Enquiries:
CPPGroup Plc
Paul Stobart, Chief Executive Officer
Shaun Parker, Chief Financial Officer
Tel: +44 (0) 1904 544 372
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0) 1904 544387
Tulchan Communications
John Sunnucks
Martin Robinson
Tel: +44 (0) 20 7353 4200