PR Newswire
London, September 14
WMC Retail Partners Plc
(the "Company" or "WMC")
Director loan, update on financial position and suspension
14 September 2017
Following the announcement of 5 September 2017, the Company is providing a further update in respect of its financial position.
The Company has taken advantage of a further offer of cash from Michael Chadwick, a director and shareholder in the Company, who has made available a further short term loan. This loan of £40,000 is unsecured, bears no interest and is repayable on demand. As a result, the short term loans owing to Michael Chadwick now total £77,500 and owing to Simons & Co, a company in which Sarah Hewett is a director, total £37,500.
Discussions with regards to raising additional funding for the Company continue with Simons & Co. and Sarah Hewett a director and shareholder in the Company, and other external parties as a matter of urgency to resolve the Company's working capital position. The Directors are seeking a significant funding package to secure the immediate future for the Company, however there is no assurance that the Company will be able to raise sufficient funds. At the current time, the Company is reliant on the support of creditors, customers and shareholders to enable it to continue to trade. Further announcements will be made in due course.
In light of the ongoing uncertainty on the Company's financial position, the Company has requested dealings in the Company's ordinary shares be suspended from trading under Rule 78 of the NEX Exchange Growth Market Rules for Issuers.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
WMC Retail Partners Plc
Ken Riley, Company Secretary Tel: +44 (0)1952 242019
Grant Thornton UK LLP (Corporate Adviser)
Colin Aaronson/Harrison Clarke/Carolyn Sansom Tel: +44 (0)207 383 5100
The directors of the issuer (WMC Retail Partners Plc) accept responsibility for this statement.
