UK Markets open in 42 mins

Lombard Capital PLC - Trading Statement

·2-min read

LOMBARD CAPITAL PLC
(‘Lombard’ or the ‘Company’)

Trading Statement

The Directors wish to advise Shareholders of the following trading statement for the quarter ended 31 March 2021.

During the 3 months to 31 March 2021 the Company incurred a loss of £268,177, principally due to bond and other finance costs. The company as at today’s date has £11,740 of cash at bank with a further £100,926 due to be received imminently.

As a result of the ongoing loss and all existing bonds and interest due for repayment on 31 January 2022, the Company continues to be dependent upon its ability to raise funds through directors’ loans, the issue of further bonds with a longer maturity profile, shares and conversion of warrants and other assets in order to meet operational costs and liabilities. As announced earlier this week loans of £128,000 have been provided by the directors of Lombard to the Company’s wholly owned subsidiary, Waste and Recycling Solutions Limited.

In January of this year the board decided that the Company’s strategy should change and move into property development and investment. The Company received agreement from shareholders to this change of strategy with the passing if a resolution at the General Meeting held on the 26 February 2021.

Since then a number of property transactions have been reviewed, both development and investment opportunities, but none were considered suitable.

Gaskell House, the Company’s main asset, a waste and recycling property, is to all intents and purposes complete and the retention of this asset is under review as notified in the General Meeting notice.

The Directors and their advisors continue to explore opportunities to re-finance the Company and secure sufficient funds to be able to deliver the new strategy successfully.

The directors of Lombard Capital Plc accept responsibility for this announcement.

For further information please contact:

Brent Fitzpatrick
Tel: 07718 883813

AQSE Corporate Adviser:
Alfred Henry Corporate Finance Limited
Nick Michaels: 020 3772 0021