Telewest Could Face ‘Funding Gap’, Says Singer
Telewest Communications faces a possible ‘funding gap’ if its operating performance fails to meet certain standards, admitted group chief executive Adam Singer at the company’s AGM today.
Singer today acknowledge the worries of shareholders and the markets over the company’s precipitous financial position. He also admitted that the group’s continued bank facility is very much dependent on performance.
“If we are unable to meet any of these [performance] requirements then we will potentially face a funding gap. Against this background, as I said in May, the company will continue to explore all options to address its funding requirements to help us leverage our strong operational performance into a more secure financial position,” Singer told the AGM.
At 10.30 this morning shares in Telewest were unchanged at 5p. The company’s value has fallen from over 115p per share to just 5p during the course of the last twelve months.
