On 30 December 2011, GlobalCapital plc issued a company announcement to update the market on developments with respect to the financial position of the company and its capital requirements since the publication of the Interim Directors’ Statement on 15 November.
In the Interim Statement, GlobalCapital had explained that its Board of Directors was actively monitoring the balance sheet position and it was discussing the required measures to ensure that the Group meets the appropriate capital and liquidity levels required by Solvency II. The 15 November announcement indicated that more specific action was likely to be announced before the end of the year.
In the updated announcement issued today, the Company stated that there have been no significant changes in the financial position and performance of the Group in recent weeks and the Board continues to evaluate the current and projected capital and liquidity of the Group.
GlobalCapital stated that it continues to focus on ensuring that the Group maintains the appropriate capital and liquidity levels, including the possible raising of additional capital. GlobalCapital announced that it intends to take the necessary action during the first half of 2012, after consulting with the MFSA and receiving the necessary regulatory approval.