IFR Ifr Capital

 

TIDMIFR 
 
RNS Number : 9026L 
IFR Capital PLC 
20 January 2009 
 

IFR Capital PLC ("the Company") 
 
 
Current trading and capital structure update 
 
 
Following the Company's year end, the Company wishes to provide shareholders 
with an update on both its current trading and its intentions in relation to its 
current capital structure. 
 
 
Current trading 
 
 
Current trading continues to be in line with management's expectations. Trading 
in the fourth quarter has been stable. The Company will continue with planned 
cost reduction programmes into 2009, in particular in the Homann division. As 
previously announced, certain exceptional restructuring costs will be recorded 
in the 2008 results, arising from the integration of the operating businesses, 
but will result in ongoing cost savings in the 2009 financial year. 
 
 
 
 
Capital structure 
 
 
The Company had EUR164 million (1H 2008: EUR167 million) of senior and subordinated 
debt outstanding, together with cash balances of approximately EUR21 million (1H 
2008: EUR24.7 million), as at 31 December 2008. The Company is trading within its 
banking covenants. 
 
 
As announced in the Company's interim results, the Company remains focused on 
refinancing the EUR118 million (including accrued interest) (1H 2008: EUR107 
million) of preferred equity on its balance sheet. 
 
 
Under the current terms of the preferred equity, the preferential dividend rate 
accruing increased to 27.5% at the end of December for part of the principal 
amount (EUR48 million) and the preferential dividend rate on the balance of the 
preferred equity will increase to this rate at the end of January. 
 
 
The Company is seeking solutions to replace or amend the preferred instrument as 
soon as possible, including a refinancing either by way of redemption or 
conversion into ordinary equity or another similar instrument on acceptable 
terms to the Board. A further update will be provided as appropriate. 
 
 
Enquiries: 
 
 
Ulrike Sucker, IFR Capital PLC +49 (0) 211 310 627 12 
 
 
 
 
Mark Dickenson, Stewart Wallace, Collins Stewart Europe Limited 
(Nominated Advisor to the Company) +44 (0) 20 7523 8350 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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