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Eatonfield threatens administration ahead of shareholder vote to access critical funding
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Rob Lloyd of Eatonfield Group
CHESHIRE property firm Eatonfield Group has called on its shareholders to save it from administration by voting through resolutions that will allow it to draw down funds.
The company, led by The Secret Millionaire’s Rob Lloyd who is currently fronting a consortium interested in buying Portsmouth FC, has been battling severe financial problems in public for three months as it fights for its survival.
Its problems stem from the withdrawal of its overdraft facility because of “a deterioration in the future cash flows of the group”.
It has drawn down £600,000 for working capital and now needs shareholder permission to allot a sufficient number of ordinary shares be able to access another £650,000. It is holding a general meeting on May 28 when a vote will be taken on the plans.
In a letter to Eatonfield’s shareholders, executive chairman Paul Williams said: “If shareholders approve the resolutions thereby enabling the directors to draw down the remaining funds available under the facility, as previously notified, the directors expect that this
would provide the company with sufficient working capital to mid July 2010.
“If Shareholders do not approve the resolutions, the directors will not be able to draw down the remaining funds available under the facility and there is likely to be a shortfall in funding and it is possible that the company would be required to cease trading shortly after the general meeting and enter into administration.
“Accordingly, it is extremely important that shareholders vote in favour of the resolutions.”
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