Hi does anyone know if FCCN have recieved the Toast cash yet, Stocko shows net cash of circa 9 mil which seems to indicate they haven;t received the money yet but I can't find anything giving a definate date as to when money should be in the coffers.
If anyone knows the answer would be appreciated,
Thanks
Proceeds were "payable on completion" and completion was confirmed on April 30.
I don't think they specifically announced receipt of money but I take above to mean they have it.
Thanks odd that Stocko seems to have net cash as just over 9 mil though have they blown it already or has the stat not been updated for some reason ?
Completion on April 30th post-dates the latest French Connection (LON:FCCN) annual results, released 13th March. I would assume that the Stocko net debt figure is picked up from the latest results, and will get updated to reflect the Toast cash when the interims get released in September.
Fingers crossed they have it which will help negate any necessary write off from House of Fraser, as Paul says in his update longer term may be a positive as it takes out a few more of the loss making shops within shops.
Thank you for your email today.
I can confirm that in line with the circular that was distributed to shareholders dated April 9th 2018, the net cash proceeds to French Connection for the sale of Toast was £13.9m including the French Connection share of the £2.0m dividend.
This was paid on completion of the sale on April 30th 2018.
However we are unable to divulge the current net cash balance.
The net cash balance on July 31st 2018 will be included in the interim results announcement on September 20th 2018.
