Compliance with bank lending covenants

RNS Number : 4190C

Coral Products PLC

01 October 2018

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Compliance with bank lending covenants 

In the Company's announcement of its results for the year ended 30 April 2018 dated 27 September 2018, it was noted in the Chairman's Statement that there had been historic breaches in the year ended 30 April 2018 of financial covenants in the Company's mortgage loan facility.

The facility provider has since confirmed that since the year end the Company has complied with the covenants. A formal waiver of the historic breaches has been requested. A further announcement will be released once a response has been received.

Enquiries:

Coral Products plc
Joe Grimmond, Non-executive Chairman Mick Wood, Chief Executive Officer	Tel: [phone] Tel: [phone]
Cairn Financial Advisers LLP	Tel: [phone]
Nominated Adviser
Tony Rawlinson / Liam Murray
Daniel Stewart & Company plc	Tel: [phone]
Broker
David Lawman
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  

A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Subject to any continuing obligations under applicable law or any relevant AIM Rule requirements, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

 

END

 

 

MSCBLGDCIBDBGII