Avgol Talks Terminated and Trading Update
22 April 2008
Yesterday evening, 21 April 2008, Avgol Industries 1953 Ltd (“Avgol”) announced that due to the difficulties of obtaining financing on reasonable terms, given current credit market conditions, it had resolved not to proceed with its possible offer for Fiberweb plc (“Fiberweb” or the “Company”). Accordingly discussions between Fiberweb and Avgol have been terminated and Fiberweb is no longer in discussions with any third party about a possible offer for the Company.
The Board of Fiberweb is confident of the prospects of the Group as an independent business. First quarter trading in 2008 has been in line with the Board’s expectations and an Interim Management Statement will be issued on 2 May 2008 , before the AGM to be held on that day.
Enquiries:
Fiberweb plc
020 8439 8594
Daniel Dayan , Chief Executive
Dan Abrams, Chief Financial Officer
JPMorgan Cazenove (Financial Adviser and Corporate Broker)
Robert Constant
020 7588 2828
Richard Perelman
Hoare Govett (Corporate Broker)
020 7678 8000
Neil Collingridge
John Fishley
Weber Shandwick Financial
020 7067 0700
Ian Bailey
Nick Dibden
James White