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Published: 17:50 30.06.2006 GMT+2 /HUGIN /Source: Antonov plc /AEX: ANTO /ISIN: GB0000405349
Trading update GWM Option Agreement
30 June 2006
In January, it was announced that Great Wall Motor Company Limited ("GWM") had entered into a six month Option Agreement to take up a Licence for Antonov's six speed automatic gearbox. However, the parties have not yet been able to achieve the level of information required by GWM's stringent risk management procedures and as a result, the production programme at GWM has been halted.
Antonov is continuing to work to address the outstanding issues, primarily key supplier costs, lead times and production investment levels. As a result, the Company will resubmit a detailed production plan, which fulfils GWM's risk management requirements, in September. In order to facilitate this process, Antonov has extended the term of the Option Agreement to 30th September 2006. It is expected that, following the current reassessment, the Company will be able to provide a further update at that time.
As a result of the above delays, the Company will not now achieve the market's expectation of Euro 2m revenue for the year ended December 2006.
Enquiries:
| Antonov plc | |
| John Moore, Chief Executive | 01223 421 740 |
| | |
| Dawnay, Day Corporate Finance Limited | |
| David Rae | 020 7509 4570 |
| | |
| Biddicks | |
| Shane Dolan | 020 7448 1000 |
Pdf">http://hugin.info/132838/R/1061364/177860.pdf">Pdf version press release
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