April 3, 2018 / 6:56 AM / in 20 days

BRIEF-Hornby Says In Final Stages Of Discussions Regarding New Financing Facility With Lenders​

April 3 (Reuters) - Hornby PLC:

* ‍AS REPORTED IN JANUARY UPDATE, LACK OF DISCOUNTING COUPLED WITH LATE DELIVERIES OF PRODUCT HAS CONTINUED TO AFFECT OUR SALES RATE​ IN Q4

* “‍THERE WAS AN IMPROVEMENT IN SALES TOWARDS END OF FINANCIAL YEAR AS SOME OF EUROPEAN PRODUCT STARTED TO ARRIVE”​

* ‍IS IN FINAL STAGES OF DISCUSSIONS REGARDING A NEW FINANCING FACILITY WITH NEW LENDERS​

* ‍EXPECTS TO HAVE FACILITIES IN PLACE AHEAD OF GROUP’S FULL YEAR RESULTS, WHICH ARE EXPECTED TO BE ANNOUNCED IN MID-JUNE 2018​

* ‍BOARD HAS ENGAGED WITH BARCLAYS AND IT HAS BEEN AGREED THAT THEY WILL SUPPORT GROUP WITH A COVENANT WAIVER IN RELATION TO GROUP’S EBITDA COVENANT​

* ‍AT FINANCIAL YEAR END, GROUP HAD A NET CASH POSITION OF C. £4M​ Source text for Eikon: Further company coverage:

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