BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Lamprell plc (LAM.L) said its Board is urgently pursuing the options available to deliver a funding solution that will resolve the Group's immediate and severe liquidity concerns. The Board has received a non-binding indicative cash offer from Blofeld Investment Management regarding a possible offer to acquire the entire issued and to be issued share capital of Lamprell. Blofeld is a 25.06 percent shareholder in Lamprell. The companies have been in talks for more than two months.
The Board of Lamprell plc is considering the possible offer in light of the Group's liquidity position and the funding requirements of $75 million over the next two months. Also, Lamprell is seeking third party buyers for the Group and its assets.
Lamprell plc said current Group performance continues to be affected by the delivery of legacy, low margin projects and insufficient revenue levels. The Group expects 2022 revenue to be in the range of $400-500 million, with $340 million secured for 2022. Lamprell plans to continue its recently implemented cost savings.
Lamprell stated that its revenue recognition will be heavily weighted towards the second half of 2022, in line with progress milestones on major projects. Profitability in 2022 may be impacted by the Group's ability to achieve the 20% profit recognition threshold on any additional contracts secured in the course of 2022. The Group expects to deliver a step up in revenue and financial performance from 2023.
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