March 14, 2018 / 10:07 AM / 3 months ago

BRIEF-Conviviality Announces Update On Payment Due To HM Revenue & Customs

March 14 (Reuters) - Conviviality Plc:

* PAYMENT DUE TO HM REVENUE & CUSTOMS OF ABOUT £30.0 MILLION WHICH FALLS DUE ON MARCH 29, WHICH HAS NOT BEEN ACCRUED FOR WITHIN ITS SHORT TERM CASH FLOW PROJECTIONS​

* ‍PAYMENT REQUIREMENT HAS CREATED A SHORT TERM FUNDING REQUIREMENT​

* ‍CURRENT SITUATION CREATES OPERATIONAL DIFFICULTIES, THIS MAY NEGATIVELY IMPACT ADJUSTED EBITDA RANGE OF BETWEEN £55.3 MILLION AND £56.4 MILLION​

* ‍SAYS CO IS CURRENTLY IN COMPLIANCE WITH ITS BANKING COVENANTS​

* ‍CONTINUES TO EXPECT NET DEBT TO BE APPROXIMATELY £150.0 MILLION FOR PERIOD ENDING 29 APRIL 2018 INCLUDING INVOICE DISCOUNTING FACILITY​

* ‍HAS ENGAGED PWC TO ASSIST IT IN ITS FORTHCOMING DISCUSSIONS WITH HM REVENUE & CUSTOMS​

* ‍”BOARD BELIEVES THIS SHORT TERM FUNDING REQUIREMENT WILL BE SATISFACTORILY RESOLVED​” Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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