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Eatonfield Group

  • BY: Andrew Hore |
  • POSTED: 31/05/2011 |

Property developer Eatonfield Group has asked for its shares to be suspended as it continues to be in discussion with its lenders as its working capital is about to run out.

At the suspension price of 0.2p, Eatonfield is valued at 710,000.

On 24 May, Eatonfield reported that the expected sale of its Welsh sites had fallen through. The potential buyer had tried to change the terms of the agreement. The sale of these seven sites was going to yield 6.65m. RBS had given approval for the disposal.

The same buyer was supposed to be buying a site at Birkwood near Glasgow for 2.75m.

Net debt was 26.9m at the end of 2010. Eatonfield had been hoping to raise cash through a share issue. The cash would have paid off trade creditors.

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