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BUSINESS AS USUAL!
I am delighted to inform you that we have secured a significant fund raising and bank refinancing deal, designed to underpin the future success of our business.
This fund raising will see the business move from a Net Debt to a Net Cash position for the first time in many years. I believe these funds will provide us with security, fill our customers with confidence and nourish our important supply chain.
Our Bank remains very supportive of our business and sees value in the equity of the business and hence has taken a minority stake.
Very importantly we believe this has created a financially strong business and has put us on a firm footing to deal with these unprecedented economic conditions. We now have renewed financial strength and the absolute confidence in our ability to deliver outstanding value and service.
We are proud to continue to retain 100% of our blue chip customer base and have forged a market leading position. We are now well placed to take advantage of the market upturn as and when it happens.
Information on the Refinancing, including the Circular and Notice of Annual General Meeting can be found in the Investor Centre.
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