DESC Designcapital

 

TIDMDESC 
 
RNS Number : 6651O 
Designcapital PLC 
01 July 2010 
 

                                designcapital plc 
                       ("designcapital" or the "Company") 
      Restructuring update, disposal and repayment of bridge loan facility 
designcapital, the designer furniture investment company, is pleased to provide 
an update on the Company's corporate restructuring process.  Further to the 
announcement made on 11th June 2010, the Company's two French subsidiaries, 
Forum Diffusion and Artelano (together, the "French Subsidiaries"), have now 
completed the extended observation period granted by the French court (the 
"Court") in August 2009.  On June 24th 2010, the Court granted a "plan de 
continuation" and from which date overall responsibility for management of the 
French Subsidiaries reverted back to the directors and senior management. 
On 11th June 2010 it was also announced that the Company had entered into a 
short term bridge loan facility with Luxadvor SA ("Bridge Loan") in order to 
demonstrate to the Court the Company's immediate ability to meet the short term 
working capital requirements of the French Subsidiaries, but that it was looking 
to conclude a transaction which would secure the long term working capital 
requirements of the French Subsidiaries and enable repayment of the Bridge Loan. 
Accordingly, the Company has now completed the disposal of the Forum Diffusion's 
Paris showroom (the "Disposal"). The aggregate consideration for the Disposal is 
EUR1.1 million (the "Consideration"), paid to designcapital in cash on 24th June 
2010.  As at 30th June 2009 the net asset value attributable to the Paris 
showroom in the Company's accounts was GBP454,624. As detailed above, the 
Consideration will be used to satisfy the working capital requirements of the 
French Subsidiaries, in accordance with the Court's requirements under the newly 
granted "plan de continuation", and in turn enable repayment of the Bridge Loan 
in accordance with its terms. 
 
Enquiries: 
designcapital plc 
+44 (0) 20 7554 8555 
 
Frederic Bobo 
Executive Chairman 
 
Mike Hosie 
Chief Financial Officer 
 
Strand Hanson Limited 
Angela Peace / Paul Cocker 
+44 (0) 20 7409 3494 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCRBMITMBMMBTM 
 

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