Media Square shares suspended

Shares in AIM-listed Media Square have been suspended after its bank refused the firm additional funding.

The public relations company had already warned it was operating with "limited headroom" against its existing facilities and needed more short term funds to deal with a seasonal peak in working capital requirements.

Last week it requested additional funds from its bank to enable to meet future working capital requirements and certain revisions to its existing covenant regime.

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"The company's bank has now informed the board that it cannot commit to amending the company's banking covenants and furthermore will not extend the facilities available to the company at this stage," Media Square said today.

"As a result of the uncertainty surrounding the company's banking facilities, the company has requested that its shares are suspended pending further clarification of its financial position."

Further announcements will be made in due course, the company said.