7:59 cut – RCH, RGD

Reach (RCH) – Trading Statement

Yesterday’s dip in the share price of the former Trinity Mirror business does not augur well for today’s trading statement. The company usually updates in mid October and it is now seems likely that they were delaying because trading was more or less in-line and they were awaiting to be able to report something concrete about the discussions to purchase the former Johnson Press titles.

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7:59 cut – RGD


Although there have been very few announcements for companies I cover over the last couple of weeks, there has been a lot going on behind the scenes. Expect some larger articles as well as 7:59 cut articles covering updates from FUL, WEY, VTU, UPGS and SOM over the next 2 weeks.

Real Good Foods (RGD) – Debt refinancing

Following on from the maturity extension of various shareholder loans earlier in the week, RGD announce that some shareholder debt has been converted to more normal bank facilities, and existing facilities replaced. The annual interest savings of £0.25m are immaterial compared to ongoing interest costs of around £4m. The new facilities replace existing ones as follows [edit: this section significantly expanded at 9:15am]:

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7:59 cut – RGD

Real Good Food (RGD) – FY 2019 Results

Real Good Food have moved from being a “unprofitable cash-absorbing collection of six businesses with little clear strategic direction” at the start of the year to a “focused group” comprising the heritage Renshaw cake decoration brand and Brighter Foods, a collection of (relatively) healthy snack bar brands including Wild Trail. They report positive EBITDA of £1.9m but this was swamped by other costs, including finance costs of £4.4m.

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