GYG PLC Statement regarding Harwood Capital LLP (6325Q)
29 Octubre 2021 - 1:01AM
UK Regulatory
TIDMGYG
RNS Number : 6325Q
GYG PLC
29 October 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION .
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION .
29 October 2021
GYG plc ("GYG", the "Company" or the "Group")
Statement regarding Harwood Capital LLP
GYG (AIM: GYG), the market leading superyacht painting,
maintenance and supply company, notes today's announcement from
Harwood Capital LLP ("Harwood") that it is no longer considering
making an offer for GYG.
Following collaborative discussions throughout the due diligence
process, the Board of GYG is in agreement with Harwood's decision
that now is not the appropriate time to progress a potential offer.
As such, the Company is no longer in an offer period. The Board
welcomes Harwood's confirmation of its continued support as a
significant shareholder in the Company.
As set out in the Group's interim results for the six months
ended 30 June 2021 announced on 30 September 2021, resolution of
the previously notified Nobiskrug shipyard administration is a key
determinant of the outturn for the current year. GYG is close to
reaching contractual resolution on the major refit project and in
advanced discussions on the two New Build projects. Once this
process is complete, the Board will be in a position to provide a
comprehensive update on the 2021 outlook.
In line with previous guidance, based on the Group's most recent
financial forecasts, which include assumptions around contract
wins, the timing of revenues, the margins achievable on projects,
and a successful resolution to the Nobiskrug situation, the Board
believes that the Group can generate sufficient cash to meet its
working capital requirements and repay its borrowings as they fall
due. As a result, the Board does not believe that it will need to
seek additional funding from shareholders in the foreseeable future
to maintain operations or to meet its obligations .
In the meantime, the Group continues to build its forward order
book position, the superyacht market remains on a strong growth
trajectory and the Board reiterates its confidence in the medium to
longer-term prospects of the business.
Enquiries :
GYG plc via FTI Consulting
Stephen Murphy, Non-Executive Chairman +44 (0) 20 3727 1000
Remy Millott, Chief Executive Officer
Kevin McNair, Chief Financial Officer
Singer Capital Markets (Nominated
Adviser, Broker and Financial Adviser)
Sandy Fraser
Peter Steel
Tom Salvesen
Amanda Gray +44 (0)20 7496 3000
FTI Consulting
Alex Beagley
Fiona Walker
Rafaella de Freitas +44 (0) 20 3727 1000
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
RSPBUBDGCSDDGBI
(END) Dow Jones Newswires
October 29, 2021 02:01 ET (06:01 GMT)
Gyg (LSE:GYG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Gyg (LSE:GYG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024