WH Smith PLC Statement re Press Comment (8161I)
06 Abril 2020 - 1:00AM
UK Regulatory
TIDMSMWH
RNS Number : 8161I
WH Smith PLC
06 April 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
SUCH JURISDICTION.
THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION.
WH Smith PLC ("WH Smith" or the "Group")
Response to Press Speculation
6 April 2020
WH Smith notes recent press comment regarding the possibility of
the Group undertaking an equity issue.
Since the Group's trading statement on 12 March 2020, WH Smith,
along with many businesses, has seen a substantial downturn in
economic activity resulting from the Covid-19 pandemic.
The duration of the Covid-19 related crisis is uncertain and, as
a result, the Group has secured new lending facilities of GBP120m,
which will strengthen its balance sheet, working capital and
liquidity position. The new financing arrangements are conditional
on raising new equity. As a result, the Group is in an advanced
stage of preparation for an equity issue of a maximum of 13.7% of
its issued share capital by way of a placing. These financing
arrangements, coupled with a broad range of mitigating actions to
manage the cost base and cash-flow, will provide sufficient
liquidity to deal with this most challenging of trading
environments.
A further announcement will be made as and when appropriate.
Important notices
This Announcement contains inside information and is issued on
behalf of the Group by Ian Houghton, Company Secretary. This
Announcement is issued at 7.00am BST on 6 April 2020.
This Announcement is not intended to, and does not constitute,
or form part of, any offer to sell or issue or any solicitation of
an offer to purchase, subscribe for, or otherwise acquire, any
securities or a solicitation of any vote or approval in any
jurisdiction.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 06, 2020 02:00 ET (06:00 GMT)
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