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4 Jun 2009 11:20
Newcourt Group plc
Ticker: NEW.I
Suspension of Shares
Invitation to Bank to Appoint Receiver
Newcourt Group plc ('Newcourt' or the 'Group'), the Irish based, support services group, today announced that its Board of Directors (the 'Board') has requested immediate suspension of trading in its ordinary shares on the AIM market of the London Stock Exchange and the IEX market of the Irish Stock Exchange.
Newcourt has been in discussions with its principal bank, Bank of Ireland, (the 'Bank') in relation to the re-structuring of its current indebtedness following the disposal of Ely Property Group Limited at the end of December, 2008. As part of these discussions, Newcourt has completed a thorough review of the range of options available to re-structure the Group's existing debt and other obligations. Following this review and recognising that Newcourt is in breach of certain of its banking covenants, the Board has invited the Bank to appoint a receiver to the parent company (Newcourt Group) and certain of its sub-holding and non-trading companies.
The objective of this action is to protect the Group's core operating businesses. The Board believes that this action will enable Newcourt's subsidiaries, including Federal Security Group, Acuman Facilities Management, Lenmac Mechanical Services, Ecom Interaction and the Sigmar recruitment companies, to continue to trade normally and they are not expected to be immediately affected by this process.
A further announcement will be made as appropriate.
Copyright Business Wire 2009
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