Offer Talks Terminated
08 Maio 2008 - 9:56AM
UK Regulatory
RNS Number:9916T
Fayrewood PLC
08 May 2008
Fayrewood plc
End of Offer Period and Trading Update
Fayrewood plc ("Fayrewood" or "the Company"), (AIM:FWY) announced on 30 November
2007 that it was in discussions which may or may not lead to an offer being made
for the entire issued share capital of the Company. On 17 December 2007, the
Company announced that these discussions were being held with North Atlantic
Value LLP. Fayrewood now announces that these discussions have been terminated.
As at 30 April 2008, the Board estimates that Fayrewood's net assets were #36.9
million of which approximately #32.2 million is represented by cash. Of this
cash balance, Euro6m is held by Barclays Bank plc as security for a bank guarantee
they have provided to Esprinet SpA, the purchaser of UMD SA. to cover certain
warranties and indemnities provided by Fayrewood in relation to the sale of that
business. #5m is held in a blocked deposit account as security for stock
provided to Interface Solutions by IBM Global Finance and a further #1.3m is on
deposit with Barclays Bank plc, as security for Interface's bank facilities. All
other cash balances are unencumbered.
Following the termination of discussions, the Board proposes to continue
exploring methods of returning the maximum amount of capital to shareholders in
the most tax efficient, timely and cost effective manner that is practical.
Trading at Interface Solutions, Fayrewood's only trading business, continues to
improve under the direction of Keith Negal who was appointed Managing Director
in January 2007 and whilst it is still very early in the year, the Board expects
the results for that business to be in line with their expectations.
Contacts:
Fayrewood
David Kleeman, Chairman
Tel: 020 7430 9329
KBC Peel Hunt Ltd (Nominated Adviser and Broker)
Oliver Scott / Richard Kauffer
Tel: 020 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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