5th Oct 2010 11:15
5 October 2010
Wren Extra Care Group plc (AIM: WREN)
("Wren" or the "Company")
Suspension announcement and directorate change
On 15 September 2010, Wren announced that it remained in discussions with its main lender in order to extend the Company's working capital and other loan facilities (together, the "Loan Agreements") which have been extended on a regular basis since 1 May 2010. A subsidiary of the Company received notice earlier today demanding the immediate repayment of all sums due to its main lender. As a result, the subsidiary is in default under the Loan Agreements and the Company has requested the suspension of its ordinary shares to trading on AIM pending clarification of its financial position.
The Board continues to take identify cost savings to reduce the Company's overhead in order to conserve cash. The Board met yesterday and it was decided to terminate the service agreement and directorship of Paul Treadaway (formerly Chief Executive of Wren).
Enquiries:
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Wren Extra Care Group Plc |
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James Butterfield Corporate Development Director/ Mike O'Donnell Financial Director |
Tel: 01372 742 244 www.wrenhomesplc.co.uk |
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Shore Capital |
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Pascal Keane |
Tel: 020 7408 4090 |
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Peckwater PR |
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Tarquin Edwards |
Tel: 07879 458 364 |
Related Shares:
Wt Rene Etf