ALGL American Leis

 

TIDMALGL 
 
RNS Number : 7424L 
American Leisure Group Limited 
15 January 2009 
 

 
 
+------------------------------------+-------------------------------------------+ 
| Press Release                      |                           15 January 2009 | 
+------------------------------------+-------------------------------------------+ 
 
 
 
 
American Leisure Group Limited 
 
("ALG" or "the Company") 
 
 
Cancellation of trading in ALG Shares on AIM 
 
 
The audited 2007 Accounts and the Interim Statement for the six months ended 30 
June 2008 of American Leisure Group Limited (AIM: ALG) were both released on 29 
December 2008, however the suspension of the trading of the Company's shares on 
AIM was not lifted by the London Stock Exchange ("LSE") pending further 
clarification of the financial position of the Group. 
 
 
Current Financial Position 
 
 
On 29 December 2008, the Company stated that it remained in discussions with 
Kennedy Funding Inc. ("Kennedy") for a new credit facility, which was originally 
committed conditionally in August 2008 and subsequently extended to 15 January 
2009.  It was then expected that a new facility, if granted, might provide some 
US$4 million of new working capital for the Company (i.e. after the deduction of 
closing costs, an interest reserve for twelve months and the repayment of the 
existing mortgage of US$10 million on Bella Citta). As then noted, new 
additional facilities are required to finance the immediate working capital 
requirements of the Group and then to help facilitate completion of ALG's first 
phase of resort townhomes at Tierra del Sol. ALG remains in discussions with 
Kennedy with respect to this reduced facility and Kennedy has now further 
extended this commitment to 14 February 2009. 
 
 
The Company also remains in discussions with its bankers to rollover existing 
facilities and also with several other parties to secure further facilities, 
including to finance interest payments on the outstanding mortgages on the 
Group's land bank, as well as construction loan facilities to enable the build 
out of resort amenities and units.  Such facilities have also yet to be secured. 
 
 
As previously stated, ALG needs to secure new facilities to continue trading. 
 
 
Cancellation of trading of ALG shares on AIM 
 
 
ALG's shares were suspended from trading on AIM on 30 June 2008.  Under AIM Rule 
41, the admission to trading of ALG shares on AIM would therefore, as the 
suspension has not been lifted, normally have been cancelled automatically by 
the LSE at 7.00 a.m. on 31 December 2008. However, the LSE agreed, pending 
further clarification of the Company's financial position, to extend the date 
for such cancellation from 31 December 2008 to 16 January 2009. 
 
 
In view of the continued uncertainty as to the financial position of the Group, 
the suspension has not been lifted by the LSE and the LSE will cancel the 
admission to trading of ALG shares on AIM at 7.00 a.m. on Friday 16 January 
2009. 
As the Company will remain an unquoted company, any further announcements 
will be made via the Company's website at www.americanleisuregroupltd.com. 
The Directors intend to prepare and publish the audited accounts for the year 
ended 31 December 2008. 
 
 
- Ends - 
 
 
 
 
For further information please contact: 
+-----------------------------------------+------------------------------------+ 
| American Leisure Group Limited          |                                    | 
+-----------------------------------------+------------------------------------+ 
| Malcolm Wright, Chief Executive Officer |             Tel: +1 (407) 251 2240 | 
+-----------------------------------------+------------------------------------+ 
|                                         |    www.americanleisuregroupltd.com | 
+-----------------------------------------+------------------------------------+ 
| Collins Stewart (Nomad)                 |                                    | 
+-----------------------------------------+------------------------------------+ 
| Hugh Field                              |          Tel: +44 (0) 20 7523 8325 | 
+-----------------------------------------+------------------------------------+ 
 
 
Media enquiries: 
+--------------------------------------------+-----------------------------------+ 
| Abchurch                                   |                                   | 
+--------------------------------------------+-----------------------------------+ 
| Henry Harrison-Topham / Stephanie Cuthbert |         Tel: +44 (0) 20 7398 7718 | 
+--------------------------------------------+-----------------------------------+ 
| stephanie.cuthbert@abchurch-group.com      |            www.abchurch-group.com | 
+--------------------------------------------+-----------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGGGMMNKLGLZM 
 

American Leis (LSE:ALGL)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

American Leis (LSE:ALGL)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024