Abbeycrest plc

("Abbeycrest" or "the Group")

Update on Financial Position

The board of Abbeycrest confirms that Chrysus Holdco Limited ("Chrysus", a privately owned investment vehicle incorporated and registered in the UK) has acquired the loans made to the Group by Moorgarth Limited and Michael Lever, its junior creditors.  Chrysus has acquired each of these loans and related security arrangements by way of assignment.

In addition to these arrangements, Chrysus has provided additional funding of c.£0.78 million to the Group, of which c.£0.48 million will be used to redeem the debt owed to Burdale Financial Limited, with the remainder providing additional working capital to Brown & Newirth Limited whilst the board continues to assess the options available in the short-term to allow the Group to remain as a going concern.  Accordingly, Abbeycrest's shares remain suspended from trading on the Main Market of London Stock Exchange plc pending further clarification regarding the Group's financial position.

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