REG - Clarke(T.) PLC - Clarification Regarding Banking Facilities <Origin Href="QuoteRef">CTO.L</Origin>

TclarkeAnnouncement

29/10/2014 11:38

RNS Number : 7082O
Clarke(T.) PLC
08 August 2014
TClarke plc (the "Group")
Clarification regarding banking facilities
The Group's interim results announcement issued on 5 August 2014 contained a comment in the Chairman's statement and in note 3 to the financial statements concerning a possible breach of the Group's obligations under its banking facilities in relation to the notification of a court judgment received against a subsidiary company. 
Having sought further clarification from its advisors the Board considers that the Group's failure to inform the bank of the award of damages against the subsidiary company in a timely manner is an event of default under its banking facilities. However, whilst the bank reserves its rights in relation to this matter, it has confirmed that it remains supportive and has no current intention to withdraw the banking facilities as a consequence of the award.
A further update on progress with the claim will be provided in due course.
For further information contact:
TClarke plc
Mark Lawrence Martin Walton
Group Chief Executive Finance Director
Tel: 020 7997 7400 Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Nick Owen/Sandy Fraser
Tel: 020 7496 3000
www.nplus1singer.com
Broker Profile
Simon Courtenay
Tamsin Shephard
Tel: 020 7448 3244
www.broker-profile.com

This information is provided by RNS
The company news service from the London Stock Exchange
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