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25 Aug 2009 07:00
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For immediate release |
25 August 2009 |
White Young Green plc
Financing Update
White Young Green plc (WYG) ("WYG" or the "Group") today provides an update on its refinancing negotiations.
In the ongoing discussions with the Group's lenders, the Board, in conjunction with its advisers, has been working to identify ways to reduce significantly borrowings to levels that the Board believes can be supported by current market conditions and ensure that the Group has an appropriate and robust capital structure going forward.
The options being considered aim to create a stable and long term financial base which should benefit clients and employees in the long term, enable the Group to be more competitive in its chosen markets and assist in delivering the Group's strategy.
The work underway to establish the appropriate long term capital structure for the Group is now based on considering options which are likely to result in a material dilution for existing holders of equity. Furthermore, the Group may not, in such circumstances, continue to satisfy the conditions for listing on the main market.
Discussions with the Group's lenders are ongoing and a further announcement will be made in due course as appropriate.
Enquiries:
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White Young Green |
0113 278 7111 |
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Paul Hamer, Chief Executive Officer |
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David Wilton, Group Finance Director |
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Buchanan Communications |
020 7466 5000 |
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Tim Anderson / Rebecca Skye Dietrich / Stasa Filipic |
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