Update (0164P)
27 Septembre 2011 - 1:38PM
UK Regulatory
TIDMLMR
RNS Number : 0164P
Luminar Group Holdings PLC
27 September 2011
Luminar Group Holdings PLC
UPDATE
As announced on 25 August 2011, Luminar Group Holdings plc
("Luminar" or the "Company") obtained an extension to the covenant
waiver granted in May by its banking group, comprising Lloyds TSB
Bank plc, Barclays Bank plc and The Royal Bank of Scotland plc (the
"Banking Group") until 27 October 2011, enabling Luminar to
continue discussions with the Banking Group in respect of a longer
term restructuring of the Group's debt.
Longer term restructuring options continue to be investigated by
Luminar and include discussions with the Banking Group and with
certain shareholders in relation to these options and to a
potential equity fundraising for a restructured Group. In parallel
with these discussions, the Company has also initiated a marketing
process in respect of a potential sale of the Group's underlying
business and assets and it has now received indicative bids in
response. The bids received to date are at a level which, if
accepted, would not realise any value for ordinary shareholders.
The Board is continuing to explore both of these options. No offer
has been received for the Company's ordinary shares and the Company
is not in discussions with any party regarding an offer for the
Company's ordinary shares.
The Banking Group has indicated that its waiver remains in place
and that it remains supportive of the Group's strategy to pursue
its restructuring options.
Trading since the announcement on 25 August 2011 has stabilised.
Same outlet sales for the three weeks to 24 September 2011 were 6%
behind the same period last year. In addition trading in our Fuzzy
Logic student sessions during the Freshers period so far has been
encouraging.
Luminar has also recently agreed terms to sell its club in
Newcastle for a net consideration of GBP1.2m, with completion
scheduled to take place during October 2011.
27 September 2011
Enquiries:
Luminar Group Holdings plc Tel: 01908 544100
Simon Douglas, Chief Executive
Philip Bowcock, Finance Director
College Hill Tel: 020 7457 2020
Matthew Smallwood
Jamie Ramsay
This information is provided by RNS
The company news service from the London Stock Exchange
END
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