21st Jan 2009 09:22
Midas Capital plc ("Midas" or the "Company")
Statement re share price movement
Midas notes the fall in its share price today. The Company announces that at the year end its net debt stood at £29.8 million and the business is trading in line with expectations and remains cash generative. Midas has met all of its interest and principal payments on time, but in view of the well reported market conditions is working closely with its bankers and expects to reach agreement shortly on a temporary waiver of its covenants until 30 April 2009 with a view to restructuring its borrowing arrangements. Negotiations are proceeding satisfactorily and the bank has confirmed that Midas continues to enjoy its full support. The Company is also considering possible strategic options to strengthen its balance sheet and is in discussions with a number of interested parties. A further announcement will be made in due course.
For further information, please contact:
Simon Edwards, Chief Executive, Midas Capital plc 0151 906 2450/07947 118670
Roland Cross, Director, Broadgate 020 7726 6111
James Steel, Arbuthnot Securities Limited 020 7012 2000
Web: www.midascapitalplc.com
Related Shares:
MGR.L