TIDMENTU

RNS Number : 8040O

entu (UK) plc

23 August 2017

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Entu (UK) plc

Strategic Review and Trading Update

Entu (UK) plc, ("Entu" or the "Company" or the "Group"), the home improvement group providing energy efficiency products and services to homeowners and businesses in the UK, announces an update on its strategic review which commenced on 6 July 2017.

The board had previously announced that, following receipt of several approaches and with the support of its existing lenders, the Group was proceeding with a small number of interested parties in relation to a potential refinancing of the Group. The Board repeats that all of the proposals received attribute little value to the equity in the Company.

Discussions with the preferred party have failed to reach a conclusion although discussions with one remaining party are continuing. The Company is undertaking these discussions as a matter of urgency given the need to bring financial stability to the Group in the very near future.

If the current discussions are successful, the Board expects the Group to see a further increase in its level of indebtedness as new working capital is made available to the business. If current discussions are unsuccessful, it is likely that the parent company will be placed into administration with a view to selling the trading businesses. There is no certainty that any of these proposals, or any alternatives, will be ultimately successful. The Board expects to provide a further update shortly.

The Group also announces that it has decided to review its RRSA service which it has temporarily stopped providing whilst it evaluates alternative formats. The Directors are assessing the impact on its profit guidance to the market for the current year and the following year.

ENQUIRIES

 
 entu 
  Ian Blackhurst, Chief Executive Officer 
  Neill Skinner, Chief Financial Officer     020 7457 2020 
 Zeus Capital Limited (Nomad & Broker) 
  Andrew Jones / Dan Bate 
  John Goold / Dominic King                  020 3829 5000 
 Instinctif Partners (Public Relations) 
  Helen Tarbet 
  James Gray                                 020 7457 2020

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPGUAWRUPMGPW

(END) Dow Jones Newswires

August 23, 2017 08:36 ET (12:36 GMT)

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