Clarification Regarding Banking Facilities

RNS Number : 7082O

Clarke(T.) PLC

08 August 2014

 

TClarke plc (the "Group")

Clarification regarding banking facilities

The Group's interim results announcement issued on 5 August 2014 contained a comment in the Chairman's statement and in note 3 to the financial statements concerning a possible breach of the Group's obligations under its banking facilities in relation to the notification of a court judgment received against a subsidiary company. 

Having sought further clarification from its advisors the Board considers that the Group's failure to inform the bank of the award of damages against the subsidiary company in a timely manner is an event of default under its banking facilities.  However, whilst the bank reserves its rights in relation to this matter, it has confirmed that it remains supportive and has no current intention to withdraw the banking facilities as a consequence of the award.

A further update on progress with the claim will be provided in due course.

For further information contact:

TClarke plc
Mark Lawrence                          Martin Walton

Group Chief Executive                 Finance Director
Tel: [phone]                    Tel: [phone]

www.tclarke.co.uk    

N+1 Singer (Financial Adviser and Broker)

Nick Owen/Sandy Fraser

Tel: [phone]

www.nplus1singer.com

Broker Profile

Simon Courtenay

Tamsin Shephard

Tel: [phone]

www.broker-profile.com

 

END

 

 

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