Update on Financial Position (7865W)

TIDMACR

RNS Number : 7865W

Abbeycrest PLC

03 February 2012

Abbeycrest plc

("Abbeycrest" or "the Group")

Update on Financial Position

The board of Abbeycrest confirms that Chrysus Holdco Limited ("Chrysus", a privately owned investment vehicle incorporated and registered in the UK) has acquired the loans made to the Group by Moorgarth Limited and Michael Lever, its junior creditors. Chrysus has acquired each of these loans and related security arrangements by way of assignment.

In addition to these arrangements, Chrysus has provided additional funding of c.GBP0.78 million to the Group, of which c.GBP0.48 million will be used to redeem the debt owed to Burdale Financial Limited, with the remainder providing additional working capital to Brown & Newirth Limited whilst the board continues to assess the options available in the short-term to allow the Group to remain as a going concern. Accordingly, Abbeycrest's shares remain suspended from trading on the Main Market of London Stock Exchange plc pending further clarification regarding the Group's financial position.

For further information, please contact:

 
 Abbeycrest plc                     Tel: 01707 255 000 
 Simon Ashton, Executive Chairman   http://www.abbeycrest.co.uk 
                                   ----------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

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