SPEEDY HIRE PLC

Legal Proceedings Report • Dec 11, 2013

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RNS Number : 2160V

Speedy Hire PLC

11 December 2013

Speedy Hire Plc (the "Company", the "Group")

International Division - Accounting Irregularities

Confirmation of Banking Waivers

On 28 November 2013, the Company announced that, following management changes within its International Division, information had very recently emerged indicating the mis-statement of a number of accounting balances within the International Division over recent accounting periods.  The Company announced that whilst it remained in compliance with the financial covenants under the Group's banking facilities, these circumstances had resulted in a breach of certain other terms. 

Following constructive discussions with its lenders, the Company has now received waivers in respect of the breach of those terms and continues to be in compliance with the financial covenants under its banking facilities.

Further updates will be provided as and when appropriate.

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Enquiries:

Hudson Sandler

Nick Lyon, Andrew Nicolls, Katie Matthews, Tel: 020 7796 4133

This information is provided by RNS

The company news service from the London Stock Exchange

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