One of the today's top loser INDYY seem to be over done, now at 8 1/2. The company is growing, the problem seem to be not being able to send the invoice on time... it doesn't seem to be a big deal.
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Wednesday June 14, 3:35 am Eastern Time
Company Press Release
Independent Energy Holdings Plc - Response to Share
Price Movement
LONDON--(BUSINESS WIRE)--June 14, 2000--The Board of Independent Energy Holdings Plc (the ``Company'')
(TICKER NUMBER:INDYY) has noted the recent movement in the prices of its ordinary shares and American Depositary
Shares and wishes to clarify the Company's current position. In its results announcement of 17 May for the nine months to 31
March 2000, the Company referred to its difficulties in the timely billing of customers in the sub-100kW market, which
represents approximately 40 per cent of the Company's turnover. Progress towards the resolution of this issue continues, but
has been slower than anticipated. The level of billings delayed is (pound)119 million (against (pound)112 million at 17 May),
albeit against the background of the continued growth of the business.
To address this, the Company has significantly expanded its in-house billing infrastructure for this market. This expansion is
enabling the Company to transfer additional customer accounts from its outside billing service provider to its in-house facility.
The Company's current billing position does not yet fully reflect the benefits of these recent improvements, which the Directors
believe will lead to the resolution of the sub-100kW billing problems.
In the above 100kW and gas markets, which together represent approximately 60 per cent. of its revenues, the Company
continues to bill its customers in a timely manner using its existing in-house systems for these markets.
The Board is keeping under close review the Company's actual and forecast cash position and the utilisation of its bank
facilities. Based on its current expectations as to the rate of cash collections, levels of Electricity Pool prices, and the continuing
availability of the Company's banking facilities, the Board believes that the Company has sufficient working capital available for
its current requirements until the expiration of its revolving credit facility on 29 September 2000. The Company is in active
discussions to put in place an appropriate longer term facility which will provide for its future working capital requirements. In
addition, the Company is reviewing other financial and strategic alternatives available to it.
Enquiries:
Independent Energy Holdings Plc
John Sulley, Chief Executive Tel: 0121 705 1111 (from 10.00 a.m.) |
