March 21, 2018 / 6:15 PM / a month ago

BRIEF-Conviviality Trims Guidance FY Adj EBITDA Again;To Raise 125 Mln Stg Via Placing

March 21 (Reuters) - Conviviality Plc:

* ‍CONSTRUCTIVE DISCUSSIONS WITH OUR LENDERS ARE CONTINUING​

* CONVIVIALITY - ‍PWC HAS UNDERTAKEN A REVIEW OF BUSINESS AND ITS FUTURE FUNDING REQUIREMENTS AND WILL CONTINUE TO PROVIDE ASSISTANCE TO COMPANY GOING FORWARD​

* ‍PWC ARE CONTINUING TO WORK AND SUPPORT COMPANY IN ITS DISCUSSIONS WITH KEY STAKEHOLDERS​

* ‍BOARD OF COMPANY TODAY ANNOUNCES THAT, THROUGH ITS BROKER, INVESTEC BANK PLC, MEETINGS WITH INSTITUTIONAL INVESTORS HAVE BEEN ARRANGED​

* ‍MEETINGS STARTING TODAY TO EFFECT AN EQUITY PLACING TO RAISE GROSS PROCEEDS OF £125.0 MILLION​

* ‍£125.0 MILLION GROSS PROCEEDS FROM PLACING WILL, AMONGST OTHER THINGS, PROVIDE CAPITAL FOR COMPANY​

* ‍DIRECTORS INTEND TO MAKE AN OPEN OFFER OF UP TO POUND STERLING EQUIVALENT OF EUR 5.0 MILLION​

* ‍OPEN OFFER WOULD ALLOW THOSE SHAREHOLDERS WHO COULD NOT PARTICIPATE IN PLACING TO HAVE OPPORTUNITY TO INVEST​

* ‍BOTH PLACING AND OPEN OFFER WOULD BE SUBJECT TO APPROVAL OF CONVIVIALITY SHAREHOLDERS AT A GENERAL MEETING OF CO​

* ‍ASSUMING PLACING IS SUCCESSFUL, BOARD WOULD EXPECT THAT ADJUSTED EBITDA* FOR YEAR ENDING 29 APRIL 2018 TO BE IN RANGE OF £45.5 MILLION TO £46.0 MILLION​

* ‍COMPANY REMAINS IN COMPLIANCE WITH ITS EXISTING BANKING COVENANTS​

* ‍IS IN CONSTRUCTIVE DISCUSSIONS WITH ITS LENDING BANKS​

* ‍CONTINUES TO EXPLORE OTHER FUNDING ALTERNATIVES IN EVENT THAT PLACING IS UNSUCCESSFUL​

* ‍IF COMPANY IS UNABLE TO RAISE FUNDS BY WAY OF PLACING OR OTHERWISE, IT IS UNLIKELY TO BE ABLE TO TRADE ON A GOING CONCERN BASIS​ Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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