- CPP Group's largest shareholder Hamish Ogston has conditionally agreed to take part in a refinancing and possibly making an offer for the entire company.

CPP said it had agreed an extension and amendment of its multi-currency revolving facility with its existing lenders - Barclays Bank, The Royal Bank of Scotland and Santander UK and Ogston - until the end of September.

The group says Ogston has indicated that he would conditionally be willing to participate with the lenders in a refinancing on condition the North American business is sold to AMT Warranty Corp for net proceeds of not less than £20m.

Ogston - who is currently interested in just over 57% of the company - also requires an undertaking to accept his offer for the entire issued and to be issued share capital of CPP.

It is also conditional on new credit arrangements for the group with a three-year term being agreed between the group, Ogston and the lenders and David Sugden agreeing to accept the appointment as a director and chairman.

At 9:44am: [LON:CPP] ComProp share price was -2.28p at 5.02p

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