Business
Posting of Accounts / Note re
Posting of Accounts / Note re.
About this update from Northern Bear Plc
[{"type":"text","content":"\n RNS Number : 8666Z Northern Bear Plc 29 September 2009 \n \n29 September 2009\n\nNorthern Bear PLC\n('Northern Bear' or the 'Company')\nPosting of Accounts / Note re Audit Report\nSubsequent to the announcement of preliminary unaudited results on 25 June 2009, the board of directors (the 'Board') announces that the annual report and audited accounts for the year ended 31 March 2009 have today been posted to shareholders and will shortly be available from the Company's website, www.northern-bear.com. \nWhilst the financial results remain unaltered following the completion of the audit, the Board would draw attention to the emphasis of matter raised by the Company's auditors, KPMG Audit plc (the 'Auditors'), in relation to going concern. The Auditors draw attention to the fact that, inter alia, the Company is in discussion with its bankers in respect of certain of its banking facilities and covenants in order to ensure the availability of sufficient and appropriate funding during the course of the next 12 months and that it continues to operate within available facilities. \nThe bank has confirmed that it remains supportive of the Company and the Group and is not aware, based on information currently available, of any reason why those discussions should not be concluded satisfactorily in the near future. \nAs a result, the Board remains confident that the Company and Group will continue to have adequate bank finance available to it in the future, not only to ensure adequate working capital but also to ensure that the Group can continue to take advantage of opportunities as they arise. \nFurthermore the Board notes that in the first 5 months of the current financial year, whilst the Group remains profitable, the trading environment in which it operates continues to be very challenging. The Board remains confident that the Group has a resilient business model which continues to generate a strong performance, even in the current economic climate.\nThe Board expects to make a further announcement in due course.\n\n\n\n\n\nNorthern Bear PLC\n\n\n\nGraham Forrest \n\n\n+44 (0) 77 6496 3751\n\n\n\n\nStrand Partners Limited\n(Nominated adviser)\n\n\n\nJames Harris...