17th Sep 2007 08:00
Impact Holdings (UK) plc ("Impact" or "the Company") Update on Provisioning
Following the announcement on 31st May 2007 that highlighted the need for the new management team to provide against a significant portion of the Impact Funding (UK) Ltd loan book, the Company has actively pursued recourse against all counterparties in order to maximise the working assets of Impact.
The Company is pleased to announce that following close liaison with its professional advisers and the appointment of Administrators to one of the Company's debtors, it has managed to realise in excess of ‚£400,000 against an outstanding debt of ‚£1.2 million owed by that debtor. This figure could increase further, following the completion of the Administration process.
This significant realisation is a positive result which will see the cash immediately being re-invested into the core business of Impact.
The debt recovery process against other counterparties is ongoing.
Impact will continue to keep the market appraised of any further realisations of debts that have been provided against.
For further enquiries:Christopher WilliamsPaul Davies
Impact Holdings (UK) plc Tel: 0161 437 9499
Alastair Cade
Daniel Stewart & Company plc Tel: 020 7776 6550
IMPACT HOLDINGS (UK) PLCRelated Shares:
IHUK.L