6th Mar 2008 15:26
Albany Capital PLC06 March 2008 6 March 2008 ALBANY CAPITAL PLC ("the Company") Loan facility - Issue of Redeemable Convertible Unsecured Loan Notes 2011 Following the Company's announcement on 18 December 2007 relating to a £6m loanfacility and the associated issue of £6m Redeemable Convertible Unsecured LoanNotes 2011 ("Loan Notes"), the Directors of Albany Capital announce thatWestminster Enterprises Limited has withdrawn from the agreement and as a resultthe conditions precedent to draw down on the facility and issue Loan Notescannot be met. Given these circumstances the Board of Albany Capital now believethat it is in the best interests of the shareholders of Albany Capital towithdraw from further discussions with Westminster Enterprises Limited. The Board of Albany Capital wish to point out that current Group cash balances,available for further investment, are approximately £9 million at 29 February2008 . The Board also wish to point out that the net assets per share of AlbanyCapital based on unaudited management information at 29 February 2008 were 57.10pence per share. The mid market price as at close of business on 5 March 2008was 34.5 pence per share a 39.6% discount to the net asset value at 29 February2008. Albany Capital John McLean Chairman 0203 178 4506 WH Ireland James Joyce/ Sarang Shah 020 7220 1666 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ALB.L