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BRIEF-Dick Smith Holdings updates on voluntary administration

Published 05/01/2016, 08:52 am
Updated 05/01/2016, 09:00 am
© Reuters.  BRIEF-Dick Smith Holdings updates on voluntary administration
DSH
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Jan 5 (Reuters) - Dick Smith Holdings Ltd DSH.AX :

* Voluntary administration DSH.AX

* Says sales and cash generation in December were below management expectations

* "Board believes the appointment of a voluntary administrator at this time is the best way to protect the interests"

* "Explored alternate funding"

* Says Mcgrathnicol has been appointed to act as voluntary administrator

* "Any success in obtaining alternative funding would not have been sufficiently timely to support short-term funding requirements"

* "Board and senior management intend to work with mcgrathnicol to explore all options to allow the company to continue as a going concern"

* "Directors are of the view that without this support, there is no option other than to appoint a voluntary administrator"

* "Directors have been unsuccessful in obtaining the necessary support of its banking syndicate to see it through this period"

* Source text for Eikon ID:nASX51rSsn

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