China Food Company PLC Default of Loan Notes (0945M)

TIDMCFC

RNS Number : 0945M

China Food Company PLC

11 July 2014

 
   Press Release     11 July 2014

China Food Company Plc

("China Food", the "Group" or the "Company")

Default of loan notes

Following suspension of the Company's shares to trading on AIM on 25 June 2014, the Company is now technically in default under the terms of the GBP5.69 million of loan notes outstanding.

The Company is in contact with a number of loan note holders and as previously notified expects to redeem the loan notes from the proceeds arising from the sale of its operating businesses.

- Ends -

For further information:

 
 China Food Company Plc 
 John McLean, Chairman       Tel: +44 (0) 7768 031 
                                               454 
                          www.chinafoodcompany.com 
 
 
 finnCap 
 Geoff Nash / Ben Thompson (Corporate   Tel: +44 (0) 20 
  Finance)                                    7220 0500 
 
 Numis Securities 
 David Poutney (Joint Broker)           Tel: +44 (0) 20 
                                              7260 1000

Media enquiries:

 
 Abchurch Communications 
 Henry Harrison-Topham / Canace          Tel: +44 (0) 20 
  Wong                                         7398 7714 
 canace.wong@abchurch-group.com   www.abchurch-group.com

Notes to Editors:

China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Walmart, Carrefour and Jialejia.

The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.

The Group's operations are highly scalable and able to support further growth, and with net assets of GBP32 million (as at 30 June 2013), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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