AssetCo plc Statement regarding Additional Capital

18/03/2011
 
AssetCo plc

Statement regarding Additional Capital


The Company announced on 14 March that the approach taken by certain creditors has impacted the ongoing working capital requirements of the Group following its proposed £16 million Placing. The Company has continued discussions relating to these matters and has concluded that it still will not have sufficient future working capital.  In order to provide the necessary certainty for the Group and to allow the Placing to proceed, a number of the major shareholders of the Company have indicated that, in the event that the Company cannot meet its needs from banking sources, they would be prepared to provide additional support for the Company's requirements.  This support is subject to a maximum of £10 million, although the Company does not currently anticipate that the maximum amount will be required.  If the support is provided by means of further equity it is intended that it would be at not less than the Placing price of 10 pence per share.  Further details will be provided before the shareholder meeting.


For further information please contact:

AssetCo plc                                         +44 (0) 20 7614 5917
Tim Wightman, Chairman

Aarden Partners plc                            +44 (0) 20 7614 5917
Richard Day
Adrian Trimmings

Cadogan PR                                        +44 (0) 777 171 3608
Alex Walters
Emma Wigan