UK retailer McColl's plunges on warning of short-term funding unlikely to benefit shares

MccollS Retail

25/04/2022 10:08

** Shares of British convenience store chain  MCLSM.L  down
56.9% to 1.7p
    ** Co warns it is increasingly unlikely that its ordinary
shares would benefit from potential financing that might help
resolve its short-term funding issues urn:newsml:reuters.com:*:nL3N2WN19D
    ** Co says "even if such a successful outcome is achieved it
is increasingly likely to result in little or no value being
attributed to the Group's ordinary shares"
    ** Co does not expect annual adjusted core profit to exceed
last year's 20 mln pounds ($25.50 million) 
    ** The cash-strapped company, still in talks with lenders
and banks to secure more funding, expects to delay FY results
until talks are resolved
    ** Including session losses, stock has fallen ~83% YTD 

($1 = 0.7844 pounds)

 (Reporting by Radhika Anilkumar in Bengaluru)
 ((Radhika.Anilkumar@thomsonreuters.com; +91 8067490824;))