Business
Trading Statement
Trading Statement.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \n India Hospitality Corp. Trading Update\n\nLONDON, Dec. 19 -- India Hospitality Corp. (LSE: IHC or India Hospitality) \n(the \"Company\") today announced the following.\n\nTrading continues to be difficult due to the current economic environment \nand in particular the difficult circumstances being experienced by the \nIndian aviation industry. The recent atrocities in Mumbai have also \nimpacted the Mars business as some of its hotels and restaurants are close \nto the areas affected.\n \nAs a result, the Company's operating cash flow in recent months has been \nuneven. The immediate focus of the Board has therefore shifted to cash \npreservation and cost control which, in the absence of additional funding, \nwill result in delays in planned capital expenditure and the Company being \nunable to take advantage of growth opportunities.\n\nGiven the current trading situation of the Company, the Board believes \nthat the Company needs to raise additional finance or reschedule its \nexisting indebtedness over the next few months. The Company is currently \nin the process of exploring all potential sources of further funding (both \nfrom existing shareholders and third parties) and monitoring its position \nunder its banking covenants. The Company is not currently in breach of its \nbanking covenants.\n\nA webcast of an investor conference call and the related investor \npresentation held on 10 December 2008 can be downloaded from the following \nweblink http://ir.indiahospitalitycorp.com/events.cfm.\n\nDeutsche Bank AG is IHC's nominated adviser and broker for the purposes of \nthe AIM Rules for Companies. Its responsibilities as IHC's nominated \nadviser and broker under the AIM Rules for Nominated Advisers are owed \nsolely to London Stock Exchange plc and not to IHC, any director of IHC or \nany other person.\n\n\nSOURCE India Hospitality Corp. \n\n /CONTACT: Media, Mutual Image & Events Management Pvt. Ltd., Harsh \nWardhan, +91-11-41-416523; or Investor Relations Contact: ICR Inc., \nWilliam Schmitt, +1-203-682-8200; or Nominated Adviser and Broker: \nDeutsche Bank, Mumtaz Naseem, +44-20-7545-8000 /\n\n\n \n \n ","length":2303,"tagName":"div"}]