HVR fails to get its loan ...
Not such good news for Humber Valley Resort ... However they have a "plan B":
The release says ... "Luxury resorts operator Newfound NV said it has not been able to secure a 21 mln usd loan facility to provide working capital for the development of its Humber Valley Resort.
Consequently, the company said it is proposing a subscription of new shares by directors at a significant discount to market price to raise 5 mln stg to secure its financing requirements for the near term."
http://www.forbes.com/afxnewslimited/feeds/afx/2007/11/08/afx4316153.html
AND:
Simon Longfield takes over from John Theophilus as CFO at Humber Valley Resort - as of Oct 12th 07
Other annoucements from Newfound
3 comments:
Hey Dan,
Thanks for the heads up on this. I'm not sure what this means for the resort.
Do they need working capital that badly?
Cheers.
Gary
www.GaryKelly.ca
FYI: This is the full press release that the company made today:
As announced in its interim results on 26 September 2007, the Company has for some time been seeking to finalise a loan facility of some US$21 million for the Humber Valley Resort to provide working capital for its development and for the Group. The Company has since been in discussions with a number of suitable debt providers. The Company has not been able to obtain a firm commitment from any of these debt providers and without securing alternative arrangements, the Company
cannot be certain that it will be able to continue to meet its obligations.
Accordingly, the Company is proposing a subscription of new shares by Directors at a significant discount to market price to raise £5 million to secure its financing requirements for the near term. The Board is confident that this proposal by the Directors will be achieved and further details will be announced
imminently.
The proposed fundraising will be conditional upon shareholder approval and will constitute a series of related party transactions for the purposes of the AIM Rules due to the interests of the Directors in the proposals.
For further information, please contact:
Newfound N.V.
John Theophilus +44 (0)20 7470 2487
Isn't the new Chief Financial Officer Simon Longfield? Didn't he take over from John Theophilus?
I assume based upon the press release that Theophilus is still with the company.
Dan can you post the link for the press release?
Thanks.
GK
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