Fri, 8th Sep 2017 13:34
8 September 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
CSF Group plc
("CSF", the "Company" or the "Group")
Statement re share price movement
The Board of CSF (the "Board") notes the recent rise in the Company's share price.
Following the Company's announcement of 11 August 2017, the Company has now received, but has not accepted, a conditional indicative offer letter (the "Offer Letter") in respect of the disposal of one of the Group's operating subsidiaries (the "Potential Disposal"). The Potential Disposal would be subject to the satisfaction of a number of conditions precedent, including certain restructuring activities.
Under the Offer Letter, the consideration to be received by the Group in respect of the Potential Disposal would be nominal, although the Board believes that the Potential Disposal would significantly improve the Group's financial position due to the potential elimination of certain liabilities and the potential reduction of lease rental payments.
The Board is considering the terms of the Offer Letter. There can be no certainty that the Offer Letter will lead to a transaction, or the terms on which any transaction might be agreed, or its timing.
The Board is not aware of any other possible reason for the share price movement.
The Company will provide further updates as and when appropriate.
For further information, please contact:
Phil Cartmell, Chairman
+603 8318 1313
Allenby Capital (Nominated Adviser and Broker)
Nick Naylor / Alex Brearley
+44 (0) 20 3328 5656