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Luminar Group Hlgs (LMR)

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Tuesday 27 September, 2011

Luminar Group Hlgs

Update

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 £1.2m, 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
 
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