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(LTW.L) London Town PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 19-10-09 | RNS |
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RNS Number : 9865A London Town PLC 19 October 2009 London Town PLC ('London Town' or 'the Company') Directorate Change London Town today announces the resignation of Nigel Le Quesne as a director of the Company with immediate effect. The board wishes to thank him for his contribution during his time on the board. Enquiries: Nicholas Wells/Max Hartley
This information is provided by RNS The company news service from the London Stock Exchange END
BOAFFMSWUSUSEFS More |
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| 25-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6491Z
London Town PLC
25 September 2009
London Town plc
("London Town" or "the Company")
Interim Results for the six months ended 28 June 2009
The Board of London Town announces the results of the Company for the six months ended 28 June 2009 and confirms that its Interim Results are available on its website, at www.londontownplc.co.uk.
Enquiries:
Nicholas Wells/Max Hartley
Cenkos Securities plc 0207 397 8900
Business Review
Principal activities
The principal activities of London Town plc ("the Company") and its subsidiaries ("the Group") comprise the operation of pubs either under lease and tenancy agreements or through the direct management of pubs, principally on a temporary basis, as well as the direct management of certain freehold and leasehold pubs owned by the Group. The Group's agreements with tenants in the leased estate comprise both tied and free of tie arrangements and generate income from rents, sales of beer and other drinks, and through profit share arrangements for income from leisure machines. The direct management of pubs for other pub owners generates income from a number of different management fees and profit shares. The entitlement to revenues and the responsibility for costs varies by agreement. The direct management of the Group's own freehold and leasehold pubs generates income directly from beer and other drink sales as well as food sales. The Group receives all revenues generated by the pubs and is responsible for costs. At 28 June 2009 the Group operated 407 pubs of which 157 were leased pubs, 241 were managed pubs and a further 9 were held for sale.
Results for the six months ended 28 June 2009
The consolidated income statement for the six months ended 28 June 2009 is set out below. Revenues amounted to £13.6 million (2008 - £13.4 million), this is relatively unchanged on the previous year but reflects a change in mix of pub numbers that is now more weighted towards the managed division. EBITDA1 amounted to £1.7 million (2008 - £0.7 million) showing an improving trend on the prior year. After net finance costs of £4.0 million, the loss for the period is £2.6 million (2008 - Loss of £5.2 million).
The Group balance sheet at 28 June 2009 showed net liabilities of £13.2 million as a result of accumulated losses to date in excess of total equity. The Directors are engaged in discussions with both lenders and shareholders and exploring all options with a view to securing the long term financing of the business.
Adjusted EBITDA for the period to 28 June 2009 comprises the following:
Unaudited Unaudited Audited
Six months to Six months to Period to
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Revenue
Leased pubs 4,787 5,277 10,058
Managed pubs 8,773 8,083 15,884
Total revenue 13,560 13,360 25,942
Gross profit
Leased pubs 2,933 3,120 6,299
Managed pubs 5,355 4,431 8,841
Total gross profit 8,288 7,551 15,140
Adjusted operating expenses2
Leased pubs 591 1,008 2,411
Managed pubs 5,454 4,436 9,315
Unallocated costs 549 1,435 1,900
Total adjusted operating 6,594 6,879 13,626
expenses2
Adjusted EBITDA1
Leased pubs 2,342 2,112 3,888
Managed pubs (99) (5) (474)
Unallocated costs (549) (1,435) (1,900)
Total adjusted EBITDA1 1,694 672 1,514
* Adjusted earnings before interest, tax, depreciation and amortisation and provisions for impairment and onerous leases, losses on disposal of properties held for sale and share based payment expense("Adjusted EBITDA")
2. Adjusted operating expenses excluding depreciation and amortisation and provisions for impairment and
onerous leases, losses on disposal of properties held for sale and share based payment expenses ("Adjusted
operating expenses")
Adjusted EBITDA for the leased pubs at £2.3m (2008: £2.1m) reflects a reduction in operating expenses principally as a result of the transition to in-house management of this division, reduced closed pub costs and lower bad debt provision. Rents at £1.7m (2008: £1.7m) are unchanged on the prior year. Wet income at £2.9m (2008: £3.4m) was down 14% reflecting reduced number of pubs as well as a general industry decline in wet sales. During the period 18 pubs have moved across to the managed division which has avoided the immediate closure of these pubs.
Adjusted EBITDA for the managed pubs at a loss of £99,000 (2008: £5,000) reflects continuing difficult trading conditions generally across the sector as well as the inclusion of certain loss-making units where the Group is the lessee or tenant. A number of these agreements have been assigned during the course of the year and others have been terminated at the end of the lease or tenancy. The Group will continue to review all options with regard to these units. This division also includes an increasing number of pubs managed for other pub owners with income derived from a number of different arrangements including management fees and profit shares. In the period since 28 December 2008 a further 120 managed pubs have joined this division of which 102 pubs were under management for other pub owners. The growth of this third party business is expected to continue.
Pub assets
Pub numbers:
The movements in pub numbers are as follows:
Leased Managed Held for sale Total
At 28 December 2008 176 124 14 314
Additions - 102 - 102
Transfers - (3) (6) (9)
Disposals (19) 18 1 -
At 28 June 2009 157 241 9 407
Geographic location:
The regional distribution of the pubs at 28 June 2009 was as follows:
Location Leased Estate Managed Estate Properties held for Total Percentage
sale
Scotland 1 11 - 12 3%
North East 2 15 - 17 4%
North West 56 33 5 94 23%
York/Humber 17 60 1 78 19%
East Midlands 2 15 - 17 4%
West Midlands 31 23 2 56 13%
Wales 4 6 - 10 3%
East of England 3 38 1 42 11%
South East 11 22 - 33 8%
South West 30 15 - 45 11%
London 0 3 - 3 1%
Total 157 241 9 407 100%
Financing
The Group's pub assets are financed by a combination of bank debt, deep discount bonds, short term loans and shareholders' equity.
Bank debt at 28 June 2009 amounted to £82.2 million (2008 - £85.6 million). At 28 June 2009, 100% (2008 - 99%) of the interest rate risk of this debt was hedged with derivative financial instruments.
The deep discount bonds amounted to £17.9 million at 28 June 2009 (2008 - £ 16.3 million). The discount rate is 10% per annum which is accrued in the consolidated income statement and not paid until the bond is redeemed. The Group has the option to redeem these bonds with discount accrued to date at any time and without penalty. The bonds are held by the three principal shareholders of the Group.
The Directors are engaged in ongoing discussions relating to the terms and covenants on the Group's bank loans. Further details relating to this are included in notes 1 and 7.
Board and senior management
The following board changes have taken place:
On 18 February 2009 Richard Gundry resigned as Development director of the Group.
On 30 July 2009 Kailayapillai Ranjan resigned as a Non-executive director of the Group.
Principal risks and uncertainties
Going concern
During 2008 and 2009 the covenants on the Group's bank loans were breached and have therefore been reclassified as current, despite their scheduled repayment date being September 2011. The Directors' expectations are that negotiations with the bank will be satisfactorily concluded and the facility will be continued. The Group financial statements have been prepared on a going concern basis to reflect this.
Economic climate
The current economic recession continues to impact consumers ability to spend money on leisure activities generally including visiting pubs. However there are many other factors involved in the ability of individual pubs to attract customers and the Group continues to work with its managers and tenants to enhance each pubs trading potential.
Recruitment and retention of managers, lessees and tenants
The recruitment and retention of managers, lessees and tenants continues to be a principal focus of the Group's management team since this is a key driver for the overall quality and profitability of the business. The market for good managers, lessees and tenants is a competitive one and the Group continues to work closely with current and prospective managers, lessees and tenants to ensure that the Group offers the right physical and business environment for all parties to prosper.
Interest rate risk
The Group borrows at a floating rate of interest at a margin above LIBOR and uses derivative financial instruments principally comprising interest rate caps and swaps for 100% (2008 - 99%) of its outstanding borrowing to limit the Group's exposure to increasing interest rates.
Current trading and outlook
The Group continues to trade in line with the Board's expectations in what remains a challenging market place for the pub industry. Since the 28 June 2009 the number of pubs under management for other pub owners has continued to grow.
The Group will continue to focus on the growth of its managed pubs division as well as continuing to review further opportunities for business growth possibly through selective acquisitions where appropriate.
The Group will also benefit from a significantly lower and fixed interest cost on its bank debt as a result of recent interest rate swap agreements.
Approved by the Board on 25 September 2009.
CONSOLIDATED INCOME STATEMENT
For the six months ended 28 June 2009
Unaudited Unaudited Audited
Six months to Six months to Period to
28 June 30 June 28 December
Notes 2009 2008 2008
£'000 £'000 £'000
Revenue 2 13,560 13,360 25,942
Cost of sales (5,272) (5,809) (10,802)
Gross profit 8,288 7,551 15,140
Operating expenses (6,958) (9,569) (29,750)
Operating profit/(loss) 1,330 (2,018) (14,610)
Finance income 3 6 1,276 64
Finance expense 3 (3,983) (4,417) (10,352)
Loss before tax (2,647) (5,159) (24,898)
Tax credit - - 230
Loss for the period
attributable to
Equity holders of the parent (2,647) (5,159) (24,668)
company
Loss per share:
Basic and diluted 4 (9.01p) (17.55p) (83.96p)
There are no other items of recognised income and expense other than those shown in the income statement.
CONSOLIDATED BALANCE SHEET
At 28 June 2009
Consolidated balance sheet Unaudited Unaudited Audited
28 June 30 June 28 December
Notes 2009 2008 2008
Assets £'000 £'000 £'000
Non-current assets
Property, plant and equipment 5 93,655 103,500 94,304
Goodwill 2,928 3,228 2,928
Intangible assets 1,450 2,309 1,577
Derivative financial assets 148 1,536 126
98,181 110,573 98,935
Current assets
Inventories 437 382 425
Trade and other receivables 2,176 1,872 1,556
Cash and cash equivalents 2,210 1,074 5,011
4,823 3,328 6,992
Non-current assets classified 6 3,213 8,736 3,185
as held for sale
Total assets 106,217 122,637 109,112
Liabilities
Current liabilities
Trade and other payables 6,211 5.046 6,769
Corporation tax payable - 14 -
Loans and borrowings 7 93,055 5,569 93,957
Provisions 541 62 545
99,807 10,691 101,271
Non-current liabilities
Derivative financial 1,641 - 1,258
liabilities
Loans and borrowings 7 17,866 101,826 17,033
Deferred tax liabilities 143 373 143
19,650 102,199 18,434
Total liabilities 119,457 112,890 119,705
Total net (liabilities)/assets (13,240) 9,747 (10,593)
Equity
Called up share capital 1,469 1,469 1,469
Share premium reserve 22,505 22,505 22,505
Merger reserve 2,282 2,282 2,282
Shares to be issued - 875 -
Retained earnings (39,496) (17,384) (36,849)
Total equity attributable to equity
holders
of the parent company (13,240) 9,747 (10,593)
CONSOLIDATED CASH FLOW
For the six months ended 28 June 2009
Unaudited Unaudited Audited
Six months to Six months to Six months to Period to
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Operating activities
Loss for the period (2,647) (5,159) (24,668)
Provision for loss on disposal
of properties
held for sale - 2,458 1,469
Impairment of property, plant - - 12,672
and equipment
Depreciation and amortisation 425 307 918
(Profit)/loss on disposal of
property, plant and
equipment (61) (75) 704
Taxation - - (230)
Finance income (6) (1,276) (64)
Finance expense 3,983 4,417 10,352
Share based payment charge - - 43
Provision for onerous leases - - 318
Cash inflow before changes in 1,694 672 1,514
working capital
(Increase)/decrease in trade (274) (253) 177
and other receivables
(Decrease)/increase in trade (377) (621) 988
and other payables
(Increase)/decrease in (12) 192 149
inventories
Cash inflow/(outflow) from 1,031 (10) 2,828
operating activities
Investing activities
Purchase of property, plant (709) (607) (1,266)
and equipment
Purchase of intangible assets: - (22) -
operating leases
Proceeds from sale of
property, plant and
equipment - - 73 68
Proceeds from sale of non
current assets
classified as held for sale 1,171 2,368 4,739
Cash inflow from investing 462 1,812 3,541
activities
Financing activities
Proceeds from short term loan - 2,500 7,500
Repayment of bank borrowings (1,641) (2,360) (4,785)
Interest paid (2,659) (3,387) (6,626)
Interest received 6 30 64
Cash (outflow)/ inflow from (4,294) (3,217) (3,847)
financing activities
Decrease)/increase in cash and
cash
equivalents (2,801) (1,415) 2,522
Cash and cash equivalents at 5,011 2,489 2,489
beginning of period
Cash and cash equivalents at 2,210 1,074 5,011
end of period
Cash and cash equivalents
comprise:
Cash at bank and in hand 2,210 1,074 5,011
Bank overdrafts - - -
Cash and cash equivalents at 2,210 1,074 5,011
end of period
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 28 June 2009
1 Accounting policies
Basis of preparation
These interim financial statements have been prepared using, on a consistent basis, the accounting policies set out in the Group's Annual Report and Financial Statements for the period ended 28 December 2008, and which are expected to apply at 27 December 2009 which is consistent with International Financial Reporting Standards endorsed for use in the European Union and which are expected to apply here. These interim financial statements were authorised for issue by the Board of Directors on 25 September 2009.
In the period ending 27 December 2009, the Group will be adopting IFRS 7 "Financial instruments: disclosures". The impact of the new standard will be to expand the disclosures provided in the financial statements for the period ending 27 December 2009 regarding the Group's financial instruments.
These interim financial statements are unaudited. The figures for the period ended 28 December 2008 have been extracted from the Annual Report and Financial Statements for the period ended 28 December 2008, which have been reported on by the Group's auditors and filed with the Registrar of Companies. The report of the auditors was unqualified but did include an emphasis of matter in relation to the going concern status of the Group because of its non-compliance with financial covenants on borrowings of £82.2m. The auditors noted that this resulted in the Group being reliant on its bankers for their continued support and that although the Directors expected to be able to renegotiate the bank facility on acceptable terms they had no agreement from the bank.
The financial information in this document does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The interim financial statements have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.
Going concern
The Group reported in its 28 December 2008 financial statements that its results have been such that the financial covenants relating to bank loans were breached during that year and this has continued in the period to 28 June 2009. As a result of the loan covenant breach, under the terms of the bank loan agreement the lender is entitled to seek repayment of the loan on demand and therefore the bank loans have been classified in the balance sheet as a current liability even though the loan would not otherwise be due for repayment until September 2011. The Group is in regular discussion with its bankers who, whilst not waiving their right or ability to seek a remedy for the breach of loan covenants, have expressed a willingness to enter into negotiations on the Group's banking facilities such that the loan covenants can be complied with in future periods.
The details of the revised facilities have not yet been discussed with the bank and therefore the Group is currently reliant on the continued support of its bankers. It cannot be guaranteed that an acceptable agreement will be reached but the Directors are confident that a satisfactory agreement will be reached.
The Directors have prepared financial projections for the Group using current expectations for trading and cash flows. The Directors have also considered the likelihood of the continued availability of loans from related parties (£10.87m which are due in July 2010) and are exploring all options with a view to securing the long term financing of the Group. On the basis of these projections and the expectation that bank facilities will continue to be available in the same amount, the directors have concluded that the Group is a going concern and will be able to meet its liabilities as they fall due for at least the next twelve months. Accordingly these interim financial statements have been prepared on a going concern basis. These conditions indicate the existence of a material uncertainty which may cast doubt about the Group's ability to continue as a going concern. The interim financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.
2 Segment information
The Group operates in two business segments: leased pubs and managed pubs. There is only one geographic segment as all activities are conducted in the United Kingdom.
Six months to 28 June 2009 (Unaudited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Revenue:
Rent 1,699 - - 1,699
Sale of beer and other drinks 2,926 7,205 - 10,131
Sale of food - 380 - 380
Income from accommodation - 85 - 85
Income from leisure machines 150 228 - 378
Other income 12 875 - 887
Total revenue 4,787 8,773 - 13,560
Cost of sales (1,854) (3,418) - (5,272)
Gross profit 2,933 5,355 - 8,288
Operating expenses (635) (5,645) (678) (6,958)
Segment result 2,298 (290) (678) 1,330
Finance income - - 6 6
Finance expense - - (3,983) (3,983)
Loss before taxation 2,298 (290) (4,655) (2,647)
Taxation - - - -
Loss for period 2,298 (290) (4,655) (2,647)
Assets and liabilities
Total assets 96,803 5,250 4,164 106,217
Total liabilities (3,056) (3,287) (113,114) (119,457)
Net assets/(liabilities) 93,747 1,963 (108,950) (13,240)
Other information
Capital expenditure 514 113 82 709
Six months to 28 June 2008 (Unaudited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Revenue:
Rent 1,696 - - 1,696
Sale of beer and other drinks 3,412 7,234 - 10,646
Income from leisure machines 169 250 - 419
Food income - 431 - 431
Accommodation income - 168 - 168
Total revenue 5,277 8,083 - 13,360
Cost of sales (2,157) (3,652) - (5,809)
Gross profit 3,120 4,431 - 7,551
Operating expenses (3,418) (4,716) (1,435) (9,569)
Segment result (298) (285) (1,435) (2,018)
Finance income - - 1,276 1,276
Finance expense - - (4,417) (4,417)
Loss before taxation (298) (285) (4,576) (5,159)
Taxation - - - -
Loss for period (298) (285) (4,576) (5,159)
Assets and liabilities
Total assets 111,905 4,351 6,591 122,847
Total liabilities (1,841) (2,387) (108,872) (113,100)
Net assets 110,064 1,964 (102,281) 9,747
Other information
Capital expenditure 277 194 136 607
Period to 28 December 2009 (Audited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Revenue:
Rent 3,335 - - 3,335
Sale of beer and other drinks 6,352 14,049 - 20,401
Sale of food - 836 - 836
Income from accommodation - 267 - 267
Income from leisure machines 371 440 - 811
Other income - 292 - 292
Total revenue 10,058 15,884 - 25,942
Cost of sales (3,759) (7,043) - (10,802)
Gross profit 6,299 8,841 - 15,140
Operating expenses (17,605) (10,153) (1,992) (29,750)
Segment result (11,306) (1,312) (1,992) (14,610)
Finance income - - 64 64
Finance expense - - (10,352) (10,352)
Loss before taxation (11,306) (1,312) (12,280) (24,898)
Taxation - - 230 230
Loss for period (11,306) (1,312) (12,050) (24,668)
Assets and liabilities
Total assets 98,982 3,973 6,157 109,112
Total liabilities (3,638) (3,587) (112,480) (119,705)
Net assets/(liabilities) 95,344 386 (106,323) (10,593)
Other information
Capital expenditure 711 378 177 1,266
Share based payment charge 43 - - 43
Six months to 28 June 2009 (Unaudited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Segment result 2,298 (290) (678) 1,330
Add back:
Depreciation and amortisation 107 189 129 425
(Profit)/loss on disposal of property,
plant
and equipment (63) (2) - 61
_______ _______ _______ _______
Adjusted EBITDA 2,342 (99) (549) 1,694
_______ _______ _______ _______
Six months to 28 June 2008 (Unaudited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Segment result (298) (285) (1,435) (2,018)
Add back:
Depreciation and amortisation 36 271 - 307
(Profit)/loss on disposal of
property, plant
and equipment (84) 9 - (75)
Provision for loss on disposal of 2,458 - - 2,458
properties held for sale
_______ _______ _______ _______
Adjusted EBITDA 2,112 (5) (1,435) 672
_______ _______ _______ _______
Period to 28 December 2009 (Audited)
Leased Managed Unallocated Total
£'000 £'000 £'000 £'000
Segment result (11,306) (1,312) (1,992) (14,610)
Add back:
Share based payment - - 43 43
Depreciation and amortisation 346 523 49 918
Impairment of property, plant and 12,672 - - 12,672
equipment
(Profit)/loss on disposal of
property, plant
and equipment 707 (3) - 704
Provision for loss on disposal of 1,469 - - 1,469
properties held for sale
Provision for onerous leases - 318 - 318
_______ _______ _______ _______
Adjusted EBITDA 3,888 (474) (1,900) 1,514
_______ _______ _______ _______
3 Net finance income / (expense)
Unaudited Unaudited Audited
Six months to Six months to Period to
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Finance income
Interest receivable on bank 6 24 64
deposits
Other interest receivable - 6 -
Profit on derivatives used to
manage fair value interest
rate risk - 1,246 -
6 1,276 64
Finance expense
Interest receivable
Interest payable on bank loans 2,035 3,343 6,583
Amortisation of debt issue 107 107 215
costs
Interest payable on short term 641 190 567
loans
Discount on deep discount 833 772 1,553
bonds
Hire purchase interest 7 5 12
3,623 4,417 8,930
Loss on derivatives used to
manage fair value interest
rate risk 360 - 1,422
3,983 4,417 10,352
4 Loss per share
The basic loss per share is calculated in accordance with International Accounting Standard 33 on the loss for the period of £2,647,000 (December 2008 - £24,668,000; June 2008 - £5,159,000) and 29,383,368 being the weighted average number of shares in issue. Share options in place during the period are deemed to be anti-dilutive as the Group has reported a loss for the year.
5 Property, plant and equipment
Unaudited Unaudited Audited
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Land and buildings 91,726 102,005 92,624
Public house fixtures and 1,708 1,308 1,494
fittings
Motor vehicles 57 91 68
Office equipment 164 96 118
93,655 103,500 94,304
6 Non-current assets classified as held for sale
Unaudited Unaudited Audited
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Non-current assets classified as 5,493 16,077 7,360
held for sale
Provision for loss on properties (2,280) (7,341) (4,175)
held for sale
3,213 8,736 3,185
The movement in non-current assets held for sale in the 6 months ended 28 June 2009 represents net transfers from land and buildings of £1,134,000 less disposals in the period of £1,106,000.
7 Loans and borrowings - current
Unaudited Unaudited Audited
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Bank loan (secured) 82,186 569 83,710
Unsecured loans 10,869 5,000 10,247
93,055 5,569 93,957
The following loans from related parties are included within unsecured loans:-
* £2,747,000 from Anne Street Partners Limited inclusive of compounded interest of £247,000 which is repayable with interest at 10%, calculated at quarterly rests, by 31 July 2010. There is no penalty for early repayment.
* £2,750,000 from Burac Trade and Invest Corp inclusive of compounded interest of £250,000 which is repayable with interest at 10%, calculated at quarterly rests, by 31 July 2010. There is no penalty for early repayment.
* £3,804,000 from Burac Trade and Invest Corp inclusive of compounded interest of £264,000 which is repayable with interest at 15%, calculated at quarterly rests, by 31 July 2010. There is no penalty for early repayment.
* £1,568,000 from Robar Limited inclusive of compounded interest of £108,000 which is repayable with interest at 15%, calculated at quarterly rests, by 31 July 2010. There is no penalty for early repayment.
The bank loans are secured by a fixed charge over the Group's freehold property and bear interest at floating rates of three month LIBOR plus 1.65%. The bank loans are for a 5 year term ending on 26 September 2011. The covenants on the Group's bank loans were breached during 2008 and this has continued into 2009. The Group's bank loans have been classified as current, despite their scheduled repayment date being September 2011, because the breach of loan covenants enables the bank to seek immediate repayment of the bank loan.
The Directors are engaged in continuing discussions relating to the terms and covenants of the Group's bank loans and anticipate that new covenants can be agreed that will reflect the current operations and business structure of the Group.
7 Loans and borrowings - non-current
Unaudited Unaudited Audited
28 June 30 June 28 December
2009 2008 2008
£'000 £'000 £'000
Secured bank loans - 85,574 -
Deep discount bonds 17,866 16,252 17,033
17,866 101,826 17,033
The deep discount bonds are secured by a fixed and floating charge over the assets and liabilities of the Company, subject to the priority of the secured bank loans. The deep discount bonds are redeemable at the option of the Company at any time subject to the priority and consent of the bank. The deep discount bonds accrue discount at 10% per annum on a compound basis. Details of the bonds issued are summarised below:
Subscription Redemption
Issue date Redemption date price price
£'000 £'000
20 December 2006 20 December 2011 14,030 22,597
_______ _______
8 Dividends
The directors do not propose to pay an interim dividend.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIMPTMMMTBIL
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| 20-08-09 | AFX UK Focus |
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LONDON, Aug 20 (Reuters) - London Town Plc:
liability position shareholders ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 20-08-09 | RNS |
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RNS Number : 7630X London Town PLC 20 August 2009 London Town PLC ("London Town" or "the Company") Statement re Share Price Movement In light of the recent share price movement and further to the announcement made on 21 July 2009, the Company announces that it is still considering a number of strategic options with regard to the net liability position shown by its recently published balance sheet. These options include a potential debt for equity swap with its major shareholders expected to be at no more than 5 pence per share. A further announcement will be made in due course. Enquiries: Nicholas Wells/Max Hartley Cenkos Securities plc 0207 397 8900 This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-11-09 |
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All your RAMPING posts from ADVFN as feedingtime have been removed!
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| 05-11-09 | ||||
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5p would be a good price
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| 04-11-09 | ||||
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I've had a small-stakes punt on this today (for my sins)
Yes problems by the bucketload but a few green shoots too More | View thread (7) | Respond | Login to Vote up | Login to Vote down |
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| 28-10-09 |
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Looking at their portfolio, I think that this is long term buy, but it is risky one as i suspect it has further to fall.
It was trading at around half the current value (i.e. at 5p) a few months ago and i can see it drifting downwards still further. This is on my watch list and i will jump in if we reach 7.5p. Good luck all with whatever you decide tgo do. IMO only More | View thread (7) | Respond | Login to Vote up | Login to Vote down |
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The contents of the postings summarised here represents the opinions of the authors and not of Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
They have not been approved or issued by Interactive Investor Trading Limited.
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