7 June 2011 – refinancing

The group has re-arranged its finances with its major lenders with a new facility of £220m replacing the old one of £240m.  The banks are also to be granted warrants over 5% of the group’s equity.  The news has been welcomed by the market as this has secured the future of the group in the short-term at least.  Trading continues to be difficult though and the shares are still risky.  It is too early to buy and the shares are a HOLD.