SUY Scs Upholstery

    RNS Number : 2629X
  ScS Upholstery PLC
  23 June 2008
   

    For immediate release                                                                                                           23 June
2008 

    ScS Upholstery PLC ("ScS" or "the Company")

    Suspension of shares

    The Company announced on 15 June 2008 that it was in discussions with a number of external parties to address the working capital
requirements of its suppliers, and therefore its own working capital position.
    During these discussions, the directors have received an approach from one of the parties to acquire the entire share capital of its
sole trading subsidiary. This approach would see the trading subsidiary being provided with substantial working capital facilities that
would fully resolve the working capital issues and ensure all suppliers have a strong and ongoing relationship with the business.
    To enable discussions to be progressed to a speedy conclusion the Company has entered into exclusive discussions with the external
party, and due diligence is underway.  
    However, as these discussions have developed, it has become clear to the Directors of ScS that the extent of the additional working
capital funding required may result in only negligible value being attributed to the shares in ScS Upholstery PLC.
    As a result, the Directors of ScS have requested a suspension in the trading of the Company's shares with immediate effect.

    A further announcement will be made in due course.

    Enquiries:
    David Knight                         0191 5146054
    ScS Upholstery PLC
    Nicola Cronk                         020 746 65000
    Buchanan Communications        


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