Banking arrangements and Plans to de-list from AIM


 

TIDMTTH 
 
RNS Number : 9461Q 
Top Ten Holdings PLC 
22 April 2009 
 

Top Ten Holdings Plc 
 
 
Top Ten renews banking arrangements and plans to de-list from AIM 
 
 
22 April 2009 
 
 
In the Company's Interim Results Statement for the six months ended 30 September 
2008 (which were announced on 21 November 2008)  the Company disclosed that it 
had breached one of its banking covenants in June 2008 and had breached two 
covenants in September 2008 but was holding constructive discussions with its 
bankers. Since 21 November 2008, the Company has continued to be in breach of 
its banking covenants and, given its level of bank borrowings and the current 
economic environment, it is unlikely to be able to meet all its existing 
covenants for the foreseeable future. 
 
Top Ten has agreed in principle with its bankers new facilities which will 
enable the Company to continue to trade. The terms of the new facilities will 
result in the bank receiving a substantial proportion of any eventual increase 
in the value of Top Ten over and above the amount of its current bank borrowings 
of GBP30 million (as at 31 March 2009). 
 
In order to save costs, the Company, in conjunction with a number of other 
initiatives, is planning to cancel the trading of its shares on AIM. 
 
A further announcement will be made in due course. Assuming that the 
negotiations with the bank are finalised a circular will be sent to shareholders 
seeking their consent (as required by the AIM Rules) for the cancellation of the 
trading of its shares on AIM; setting out further details of the arrangements 
with the bank; and describing what, if any, alternative share dealing 
arrangements the Company has made. 
 
For Further Information: 
+-------------------------------------+-------------------------------------+ 
| Top Ten Holdings plc                |                        01727 850793 | 
+-------------------------------------+-------------------------------------+ 
| Sir Aubrey Brocklebank , Chairman   |                                     | 
| Graham Kerr, Chief Executive        |                                     | 
+-------------------------------------+-------------------------------------+ 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| Greycoat Communications             |                       020 7960 6007 | 
+-------------------------------------+-------------------------------------+ 
| Andrew Marshall                     |                                     | 
+-------------------------------------+-------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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