SYDNEY: Photon Group has confirmed it is still locked in negotiations with agencies about plans to reorganise its capital structure, ending weeks of silence from the marketing services group.
The group has issued a statement to the Australian Securities Exchange (ASX), marking the first time that Photon has raised its head above the parapet since its last official market update on the 28 June.
The statement officially confirmed details already reported in the press via briefings and leaks from Photon sources.
Photon confirmed it is still attempting to persuade agencies to accept new earn-out agreements based on the performance of the group rather than individual agencies.
In the statement, Photon said: “Photon is aware of recent press speculation in relation to its ongoing review of its capital structure.
“Under the review, Photon is presently seeking to … Restructure its deferred consideration arrangements .. Undertake a capital raising to raise approximately $100 million … and Refinance its debt facilities.”
Photon said "none of these elements of the capital structure review are finalised and discussions with relevant parties are ongoing”.
The group expects to update the market in relation to the ongoing review next week
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