March 16, 2020 / 7:36 AM / 18 days ago

BRIEF-Laura Ashley Says In Talks With A Lender To Provide Facilities Of Up To Additional £15 Mln

March 16 (Reuters) - Laura Ashley Holdings PLC:

* ASHLEY (LAURA) HLDGS - FINANCING AND TRADING UPDATE

* LAURA ASHLEY HOLDINGS PLC - COMPANY BELIEVES THAT COVID-19 HAS POTENTIAL TO NEGATIVELY INFLUENCE FUTURE TRADING

* LAURA ASHLEY HOLDINGS PLC - IT HAS DETERMINED THAT GROUP WILL NEED FURTHER FUNDING TO MEET ITS ONGOING WORKING CAPITAL REQUIREMENTS

* LAURA ASHLEY - DURING SIX WEEKS TO 7 MARCH 2020, TOTAL SALES WERE 27.7% AHEAD OF EQUIVALENT PERIOD IN 2019

* LAURA ASHLEY - CONTINUES TO ENGAGE WITH ITS KEY STAKEHOLDERS, PARTICULARLY MUI ASIA LIMITED AND TRUSTEES OF LAURA ASHLEY RETIREMENT BENEFITS SCHEME

* LAURA ASHLEY HOLDINGS PLC - IN ADVANCED DISCUSSIONS WITH A THIRD-PARTY LENDER TO PROVIDE FACILITIES OF UP TO AN ADDITIONAL £15 MILLION

* LAURA ASHLEY - DEBT FUNDING WILL NEED TO BE IN PLACE BY NO LATER THAN END OF MARCH 2020

* LAURA ASHLEY - MUI ASIA CONFIRMED IT IS CONTINUING TO CONSIDER PROVISION OF £10 MILLION FACILITY TO SUPPORT CO’S PROPOSED TURNAROUND PLAN

* LAURA ASHLEY- IF GROUP IS UNABLE TO SECURE COMMITMENT FOR REQUISITE LEVEL OF FUNDING BY END OF MARCH CO WILL NEED TO CONSIDER ALL APPROPRIATE OPTIONS Source text for Eikon: Further company coverage:

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