first_img whatsapp Share Wednesday 1 September 2010 8:21 pm whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof SHAREHOLDERS in Accident Exchange Group face significant dilution as the vehicle replacement firm nears a refinancing deal with its senior lender and plans a conversion of its unsecured notes.The cash-strapped company, whose chairman once was Lord Young of Graffham, said it planned to cancel its shares from the Official List and delist them from the London Stock Exchange to effect the refinancing.Accident Exchange shares, which had traded as high as 495p about four years ago, closed down 65 per cent at 3.38p after yesterday’s announcement. The group had a market capitalisation of only £7.3m at Tuesday’s close.The company, which provides courtesy vehicles after crashes, said talks with its lead lender Morgan Stanley to amend its existing £40m credit facility continued to progress and that they had reached an agreement in principle.In March, Accident Exchange said future compliance with its banking covenants required ongoing flexibility from its main banker and that it hadn’t operated profitably during the four months to the end of February.Any formal amendment to the facility was conditional upon conversion of the company’s £50m convertible notes due 2013, Accident Exchange said in a statement.The company also delayed reporting results in 2010, saying it could not finalise accounts until it refinanced. Show Comments ▼ Delisting plan hits Accident Exchange hard KCS-content Tags: NULLlast_img