30th Jan 2009 09:55
30 January 2009
Sport Media Group plc
("SMG," the "Company" or the "Group")
Business as usual at Sport Media Group
As announced on 7 January 2009, Sport Media Group are currently in negotiation with their bank to revise facility terms. As part of the requirement of the correct preparation of the Company's Annual Report and Accounts, the Company's Auditors must comment on the status of the business based on the availability of banking facilities for the coming twelve months.
As the Company's banking facilities are currently under negotiation, statements in the Annual Report and Accounts must reflect this situation, in the manner outlined in the announcement of 28 January 2009. Under the AIM Rules the Company is required to publish its Annual Report and Accounts within 6 months of the Company's year end. This has forced the Company to publish its Annual Report and Accounts ahead of agreeing a refinancing package.
This announcement does not reflect any change in the short-term trading position of the Company. The Company continues to negotiate a number of financing options, and remains confident that a refinancing solution will be reached in the short term.
For further information, please contact:
Sport Media Group plc
Andrew Fickling, Chief Executive Officer Tel: + 44 (0) 161 236 4466
Andrew Fletcher, Chief Financial Officer Tel: + 44 (0) 20 8507 6965
www.sportmediagroup.co.uk
Daniel Stewart & Company plc
Simon Leathers/Oliver Rigby Tel: + 44 (0) 20 7776 6550
www.danielstewart.co.uk
Related Shares:
SPMG.L