BRIEF-Ecsponent Says Interim Results For Period Dec 31 Will Indicate A Loss-Making Position

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  • Stock Market News
BRIEF-Ecsponent Says Interim Results For Period Dec 31 Will Indicate A Loss-Making Position

Feb 11 (Reuters) - Ecsponent Ltd ECSJ.J :

* JSE: ECS - ECSD2 - MARKET UPDATE ON STRATEGY AND SOLVENCY AND LIQUIDITY OF THE GROUP, TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT

* ECSPONENT LTD - NO LONGER CONSIDERS ISSUE OF ITS CURRENT CLASSES OF PREFERENCE SHARES OR NOTES AN APPROPRIATE FORM OF FUNDING

* ECSPONENT LTD - COMPANY WILL ACCORDINGLY BE CONSIDERING ALTERNATIVE FORMS OF FUNDING GOING FORWARD

* ECSPONENT LTD - WILL ACCORDINGLY BE CONSIDERING ALTERNATIVE FORMS OF FUNDING GOING FORWARD

* ECSPONENT LTD - ASSESSING VARIOUS OPTIONS PURSUANT TO A CAPITAL RESTRUCTURE OF ITS PREFERENCES SHARES AND/OR ALTERNATIVE FORMS OF FUNDING

* ECSPONENT LTD - ALSO CONSIDERING DISPOSAL OF CERTAIN NON-CORE ASSETS IN ORDER TO DELEVERAGE GROUP'S BALANCE SHEET

* ECSPONENT LTD - IS REASONABLY CERTAIN THAT INTERIM RESULTS FOR PERIOD 31 DECEMBER 2019 WILL INDICATE A LOSS-MAKING POSITION

* ECSPONENT LTD - EXPECTS A DEFAULT EVENT TO OCCUR ON ITS MARCH REDEMPTION OBLIGATION AND ONGOING DIVIDEND OBLIGATIONS

* ECSPONENT - WILL NOT BE IN POSITION TO SETTLE OBLIGATIONS AS THEY BECOME DUE, PARTICULARLY ON REDEMPTION OF PREFERENCE SHARE OBLIGATIONS DUE IN MARCH

* ECSPONENT LTD - INVESTIGATING CONVERSION OF FURTHER LOANS IN ITS BUSINESS-TO-BUSINESS LOAN BOOK INTO EQUITY INVESTMENTS

* ECSPONENT - WILL NOT BE IN POSITION TO SETTLE ONGOING DIVIDEND PAYMENT OBLIGATIONS ON ITS VARIOUS CLASSES OF PREFERENCE SHARES

* ECSPONENT - AS AT FEB 11, REMAINING LOAN BOOK, AFTER TAKING INTO ACCOUNT CONVERSIONS INTO EQUITY AND IMPAIRMENTS, WILL APPROXIMATE R61 MILLION

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