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Tuesday, 1 March 2011

HMV Shares fall by 20% following profits warning this morning

Further to my earlier blog it looks as if HMV is in difficulty again as it issues a profit warning sending the shares down some 20% in early trading.  In a statement it said that it was in negotiations over its debt.  An extract below

"While the Group continues to comply with the terms and conditions of its bank facility agreement, and is not in breach of any covenant tests, it does not expect to meet certain of its covenant tests when they are next tested by reference to its full year results. The Group has therefore commenced discussions with its lenders ahead of publication of its full year results regarding potential changes to the facility agreement"

See full trading update below

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