Board Appt and Bank Funding

14 Feb 2007 07:01

Torex Retail PLC14 February 2007 Torex Retail plc (the "Company") Appointment of New Chairman and Increased Bank Funding Torex Retail plc, a leading global retail systems provider, today provides afurther update as to its board composition and financing arrangements. The Company announces that Steve Marshall has been appointed to the main Boardwith immediate effect as Non-executive Chairman. Mr Marshall has had aprestigious career in industry, including as CEO of both Railtrack PLC and ThornPLC, having also been group finance director at both companies. He is currentlynon-executive chairman of Delta PLC and a non-executive director of BalfourBeatty PLC and Southern Water Services Ltd. He was also executive chairman ofQueens Moat Houses PLC. This appointment follows those recently of Keith Taylor as Acting ChiefExecutive Officer and Iain Lynam as Chief Restructuring Officer, all of whichconsiderably strengthen the Board's operational and corporate restructuringexperience. The Company also announces that its syndicate of banks has agreed to provide therequested additional short-term working capital facility of £15.0 million. TheBoard considers that this will be sufficient to meet the Company's short-termworking capital requirements. The £15.0 million is in addition to the Company'sexisting total banking facilities of £152.5 million comprising term loans andoverdraft facilities. The Company expects to enter into further discussions with its bankers withrespect to its medium to long term financing requirements in the next fewmonths, when the Company has finalised results for the financial year ended 31December 2006 and has an up to date view of the 2007/2008 trading prospects. The Board is very pleased that it has concluded discussions with the Company'slenders with respect to its short-term financing requirements and that theCompany's lenders remain supportive. The Board is also delighted to haveappointed somebody of the calibre of Steve Marshall, whose experience andguidance will be of great benefit to the Company during this period. - Ends - Enquiries: Keith Taylor Acting CEO, Torex Retail plc Tel: 0870 300 6061 Ginny Pulbrook / Seb Hoyle / Lucie Holloway Citigate Dewe Rogerson Tel: 020 7638 9571 Additional details are set out below: Steve Marshall (age 50) Present directorships or partnerships: Delta PLC, Balfour Beatty PLC, SouthernWater Services Ltd Directorships or partnerships in previous five years: Queens Moat Houses PLC,Railtrack Group PLC Details of companies entering insolvency whilst a director or within 12 monthsof resignation: RT Group Holdings Ltd No unspent convictions, bankruptcy or IVAs, no receivership of assets, no publiccriticism by regulatory bodies. There is nothing further to disclose in relation to their appointment pursuantto Rule 17 of the AIM Rules. This information is provided by RNS The company news service from the London Stock Exchange