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IFR Capital says no material change as shares slump

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Date: Friday 10 Oct 2008

LONDON (ShareCast) - Acquisitive food group IFR Capital said it noted movement in its share price but said there has been no material change since announcing its interims in September.

Shares in the group have slumped by nearly 50% today.

"As stated in the Interims the company believes that, in order to realise its strategy it is a prerequisite that its capital structure be restructured," said the group.

It said the most important objective in the second half is to improve the structure of its balance sheet.

"Given the current terms of the preferred equity, it is essential that the preferred equity is refinanced, either by way of redemption or conversion into ordinary equity or another similar instrument on acceptable terms to the board," it added.

The group said trading continues to be good at the operating level and there are signs the defensive qualities of the business are benefiting trading.

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