16 Mar 2018 07:00
16 March 2018
Conviviality Plc
(the "Company")
Further Update
Further to the update announcement on 14 March 2018, the Company has been actively engaging with its stakeholders while it continues to work through its funding requirements:
· Customers and suppliers remain supportive of the Company and are working closely and constructively with the Company at this time;
· We have had constructive discussions with our lenders which are on-going;
· PwC are undertaking a review of the business and its future finding requirements and this work stream is progressing well;
· The Company has engaged with HM Revenues and Customs ("HMRC") regarding the £30.0 million payment due on the 29 March 2018. HMRC has been receptive to our needs and these discussions continue; and
· The Company is engaging with its advisers and broker regarding the possibility of an equity fundraise to effect a recapitalisation of the business.
The Board wishes to express its gratitude to all its stakeholders for their on-going support during this difficult period for the Company.
A further update will be provided in due course.
The shares of Conviviality Plc remain suspended pending further notice.
Enquiries:
Conviviality Plc Diana Hunter, Chief Executive OfficerMark Moran, Chief Financial Officer
| Tel: 01270 614 700 |
Investec (Nominated Adviser and Broker) Garry Levin / David Flin / Daniel Adams
| Tel: 020 7597 5970 |
FTI Consulting Jonathon Brill / Georgina Goodhew / Fiona Walker | Tel: 020 3727 1000 |