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Findel repairs balance sheet

Fri, 11th Feb 2011 19:00

Home shopping group Findel is raising £80m via a rights issue as part of a restructuring of its balance sheet. A five-for-two rights issue at 6.54p a share will raise £75m net. There will also be a placing at 8.53p a share raising £495,000 in order to enable directors to buy shares. Chief executive Roger Siddle will invest £400,000 of that cash. A debt restructuring along with the rights issue and placing cash will help to reduce net debt by £110.5m. New lending facilities lasting five years have been negotiated. There is a £196.8m revolving credit facility and a £105m securitisation facility. Convertible shares will be swapped for £40m of existing debt. Sales in the 17 week period to the end of January 2011 were slightly lower. The home shopping business has been hit by a backlog of catalogue deliveries during early January. The closure of schools during the poor weather hit the sales of the educational supplies division. Healthcare sales are slightly higher.
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17 Feb 2017 13:53

Findel's Express Gifts to undertake £12.5m refund programme - FCA

(ShareCast News) - Shares in Findel are down after the Financial Conduct Authority said its subsidiary, Express Gifts, will undertake a £12.5m customer-refund programme in relation to financial products it previously sold. Findel said at the time of its interim results in November 2016 that it had a

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27 Jan 2017 16:31

Directors dealings: Findel chairman picks up shares

(ShareCast News) - Findel's executive chairman, Ian Burke, picked up 40,000 ordinary shares in the multi-channel retailing specialist on 26 January, the company said in a statement. Burke paid a total of £82,000.00 for his new shares at an individual price of 205.0p. In a trading update issued on t

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26 Jan 2017 09:15

Findel On Track For Full Year As Sales Grow In Second Half So Far

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23 Nov 2016 16:10

UK Earnings, Trading Statements Calendar - Next 7 Days

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13 Oct 2016 15:15

Findel sales rise in H1, on track for full year

(ShareCast News) - Findel expressed confidence in delivering full-year results in line with current expectations as it reported growth in first-half sales. In a trading update ahead of its interim results, the home shopping and education business said first-half sales on a like-for-like basis were u

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22 Aug 2016 13:56

Findel's advisers eye retail specialist Terry Duddy as potential chairman - report

(ShareCast News) - Mail-order retailer Findel's advisers have approached former Argos and Homebase boss Terry Duddy about becoming the company's chairman, according to a report. Duddy was among several people being sounded out by Findel's advisers, Sky News has reported. Findel last month rebuffed

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1 Jul 2016 15:58

LONDON MARKET CLOSE: Stocks Close Week After Brexit Vote On A High

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1 Jul 2016 15:19

2nd UPDATE: Sports Direct Ups Findel Stake As Talks Confirmed (ALLISS)

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1 Jul 2016 14:15

UPDATE: Findel, Sports Direct Confirm Talks, Ashley Chairman Proposal

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1 Jul 2016 12:49

TOP NEWS: Findel In Talks With Sports Direct; Ashley Proposed Chairman

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14 Jun 2016 07:36

Findel Swings To Loss But Revenue Up As Express Gifts Ends Strongly

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7 Jun 2016 15:06

UK Earnings, Trading Statements Calendar - Next 7 Days

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6 Apr 2016 16:40

Findel climbs on back of Morgan Stanley buying

(ShareCast News) - Shares in Findel have attracted interest from shareholders in recent months, with Morgan Stanley the latest institution to take a position in what has long seemed an uninspiring home shopping and education company. Findel's stock was the highest riser among those listed in the FTS

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24 Mar 2016 08:54

Findel Sees Annual Profit In Line But To Book Series Of Charges

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23 Feb 2016 09:40

Findel Appoints Former Home Retail And Littlewoods Veteran To Board

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