Media Square suspends shares trading over 'financial uncertainy'
Marketing services group Media Square has suspended shares trading as a result of ‘financial uncertainty’ surrounding the company’s banking facilities.
The decision has been taken after its bank informed the board that it was unable to commit to amending its banking covenants and would not extend the facilities available to it.
Last week, Media Square requested additional facilities from the bank in order to meet future working capital requirements and revise its covenant regime, needing additional short term funding as it entered ‘the seasonal peak’ in working capital requirements.
The Group is made up of agencies such as The Gate Worldwide, CST The Gate, Smarts, IAS B2B, TwentySix, Holmes and Marchant, Fourninety, and LloydNorthover.
A spokesperson for Media Square told The Drum that it was 'business as usual' for all of the company's agencies and that the share suspension only affected Media Sqaure PLC.