CUC Centurion Ele

RNS Number:0047Y
Centurion Electronics PLC
07 February 2006


Embargoed until: 07.00, 7 February 2006

                                       
            Centurion Electronics plc ("Centurion" or the "Company")
                                        
                        Proposed Refinancing and Placing


Centurion announces that it has reached an agreement, in principle, with the
Company's lenders (the "Loan Cancellation Agreement") under the terms of which
its lenders will agree to cancel the Company's debt and other obligations to its
lenders (the "Debt") in return for a cash payment and partial conversion of the
Debt into Centurion new ordinary shares. The Loan Cancellation Agreement will
require, inter alia, approval of Centurion shareholders at an Extraordinary
General Meeting. The terms of the Loan Cancellation Agreement will be set out in
a circular to be sent to shareholders shortly together with notice of the EGM
(the "Circular").

The Circular will also contain details of a proposed placing of new ordinary
shares and the issue of a convertible loan note (together the "Fundraising")
which will raise sufficient funds to finance settlement of the Loan Cancellation
Agreement and to provide sufficient working capital for the Company's
requirements. The Fundraising, details of which will also be set out in the
Circular, will also require the authority of Centurion shareholders at the
proposed EGM.

The Board anticipates that, subject to the appropriate resolutions being
approved by shareholders at the EGM, trading in the Company's shares on AIM will
recommence on the next business day following the EGM.

Chris Rhodes, Centurion Chief Executive, stated "I am pleased that Centurion has
now successfully restructured its business and positioned itself to take full
advantage of the opportunities that lie in the automotive infotainment market.
Over the past year the Company has substantially increased its tier one
expertise and capability and, having exited the retail sector completely, is now
focused exclusively on the European car industry."



Enquiries:

Chris Rhodes
Centurion Electronics          Tel: 01707 330550


Russell Cook
Charles Stanley Securities    Tel: 020 7953 2000


Jeremy Carey / Claire Melly
Tavistock Communications      Tel: 020 7920 3150



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
MSCTFMRTMMTMBFF

Centurion Ele (LSE:CUC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

Centurion Ele (LSE:CUC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024