Magazine publisher, Highbury House Communications, has updated investors on the progress of its refinancing and restructuring exercise, first revealed in the company’s September trading update.
The publisher has announced that it is making “good progress” in its discussions with banks, and now anticipates a conclusion to negotiations by 31 December 2005.
However, this morning also saw the company warn shareholders of a “substantial” dilution as a result of the restructuring.
Elsewhere, Highbury’s recently installed executive chairman, Kelvin MacKenzie (see Highbury Appoints MacKenzie As Chairman), announced the appointment of Patrick Cox as a non-executive director, and the departure of Peter Clark with immediate effect as non-executive director.
Describing Cox’s lengthy media experience as a “valuable” asset to Highbury in its “darkest hours”, MacKenzie thanked the new director for stepping in at short notice to assist with the refinancing process.
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