Result of EGM
01 Abril 2009 - 7:37AM
UK Regulatory
TIDMTLR
RNS Number : 9367P
Local Radio Company PLC (The)
01 April 2009
1 April 2009
THE LOCAL RADIO COMPANY PLC ("LRC" OR THE "COMPANY")
Result of General Meeting
The Board announces that at today's General Meeting, the resolutions put before
the Company's Shareholders were not passed. Consequently, the proposed Open
Offer to raise approximately GBP1.51 million (before expenses) for the Company
(which is conditional on all resolutions being passed at the General
Meeting) cannot now proceed.
The proposed additional capital injection would have ensured that the Company
was able to support its local market-leading commercial radio stations and give
it time to carry out a radical restructuring of the business' cost base whilst
allowing shareholders to participate in any recovery.
Whilst the local stations are trading in line with management expectations and
the cost reduction programme is making good progress, the Company's cash
position is extremely tight. Taking into account the costs associated with the
Open Offer and the additional costs likely to be incurred in connection with the
Offer from UKRD Group Limited (as announced on 27 March 2009), the company's
cash flow projections show it requires an injection of funds by the end of April
2009 in order to continue trading. The Board is actively reviewing all options
and will update shareholders as soon as possible.
Terms defined in the circular dated 6 March 2009 in relation to the Open Offer
have the same meaning in this announcement.
For further information please contact:
Rhys Davies
The Local Radio Company
Tel: 01494 688 200
Roxane Marffy/Brett Miller
Ruegg & Co Limited
Nominated Adviser & Broker
Tel 020 7584 3663
This information is provided by RNS
The company news service from the London Stock Exchange
END
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