12th Jan 2009 07:00
12 January 2009
Inchcape plc
Statement re press speculation
The Board of Inchcape plc has noted the recent speculation regarding a potential equity raising.
As stated in our December trading update, the Group expects trading conditions to remain difficult and is engaged with its finance providers to ensure that these arrangements are appropriate for a downturn in trading. As would be expected, it is also evaluating a range of options for its capital structure including a potential equity issue.
As outlined in our trading update on 15 December 2008, we continue to expect to report underlying results for 2008 in line with our previous expectations and the Group remains in compliance with its financing arrangements.
A further announcement will be made in due course.
- Ends -
For further information, please contact:
Group Communications, Inchcape plc
+44 (0) 20 7546 0022
Investor Relations, Inchcape plc
+44 (0) 20 7546 8432
Financial Dynamics (Jonathon Brill/Billy Clegg)
+44 (0) 20 7831 3113
Notes to editors
About Inchcape
Inchcape plc is the leading independent, international automotive retailer, with scale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK. The Group also has operations in a number of other markets, including Eastern Europe, the Baltic's, Russia and South America. In addition to growing its core businesses, Inchcape is looking to develop scale operations in new and emerging regions. It represents leading automotive brands and operates either a retail, or a vertically integrated retail model (i.e. exclusive distribution and retail), depending on the market. Inchchape's current key manufacturer partners are Toyota/Lexus, Subaru, BMW, Mazda, Mercedes-Benz, Volkswagen, Audi and Honda.
For further information, visit us at www.inchcape.com
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.
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