Safestyle UK tumbles after it remains in talks with stakeholders for funding

Safestyle UK

03/10/2023 12:36

** Shares of windows and doors retailer Safestyle UK
 SFES.L  tumbles 50.4% at 2.18p, top loser across London stocks 
    ** Co says continuing to engage with stakeholders and
interested third parties to find ways to strengthen balance
sheet 
    ** Says to achieve working capital injection, an alternative
financing structure is currently being sought
    ** SFES says remains compliant with covenants of its 7.5 mln
pounds ($9.05 mln) borrowing facility
    ** Adds, however if losses forecast for remainder of the
year materialise, this would generate material shortfall vs
existing RCF covenants in November, access to it could be
restricted
   ** Co is also in discussion with bank regarding renegotiating
terms of revolving credit facility in form of a covenant waiver
    ** Stock down 91.9% so far this year





($1 = 0.8290 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)
 ((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))