The information contained
within this announcement is deemed by the Company to constitute
inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU
Exit) Regulations 2019. Upon the publication of this announcement
via the Regulatory Information Service, this inside information is
now considered to be in the public domain.
Inspiration Healthcare Group
plc
("Inspiration Healthcare", the "Company"
or the "Group")
Grant of Covenant Waiver and
Covenant Reset
Inspiration Healthcare Group plc (AIM: IHC),
the global medical technology company pioneering best-in-class,
specialist neonatal intensive care medical devices,
announces that the Company's lender, HSBC, has granted a
waiver in respect of the EBITDA covenant for the 31 October 2024
test date and a reset of such covenant at a lower level for the 31
January 2025 test date. The interest cover and net leverage
covenants have also been reset for the period through to 31 January
2026. The requirement for the waiver and reset of the
covenants is a result of the previously announced trading
conditions noted in the Group's interim results.
In addition, the Company's lender will allow
drawdowns on the Revolving Credit Facility ("RCF") up to £7.8
million, sufficient to cover the funds required to meet the
deferred consideration payment for Airon Corporation (of up to $1.0
million) due in June 2025. The Company will also continue to be
able to draw down on the £5.0 million Invoice Financing Facility to
cover day to day working capital requirements, which taken together
with the RCF, the Directors believe provides sufficient liquidity
headroom for the Group going forward.
For further
information, please contact:
|
Inspiration Healthcare Group plc
|
Tel: +44 (0)330 175 0000
|
|
Roy Davis, Executive Chair and
Interim CEO
Alan Olby, Chief Financial
Officer
|
|
|
|
|
|
Panmure Liberum (Nominated Adviser &
Broker)
|
Tel: +44 (0)20 3100 2000
|
|
Richard Lindley
Will King
|
|
|
|
|
|
Walbrook PR
Ltd (Media and Investor Relations)
|
Tel: +44 (0)20 7933
8780 or inspirationhealthcare@walbrookpr.com
|
|
Anna Dunphy
|
Mob: +44 (0) 7876 741
001
|
|
Louis Ashe-Jepson
|
Mob: +44 (0) 7747 515
393
|
|
|
|
About Inspiration Healthcare
Inspiration Healthcare (AIM: IHC)
designs, manufactures and markets pioneering medical
technology. Based in the UK, the Company specialises in neonatal
intensive care medical devices, which are addressing a critical
need to help to save the lives and improve the outcomes of
patients, starting with the very first breaths of life.
The Company has a broad portfolio of its own
products and complementary distributed
products, for use in neonatal intensive care designed
to support even the most premature babies throughout their hospital
stay. Its own branded products range from highly sophisticated
capital equipment such as ventilators for life support through to
single-use disposables.
The Company sells its products directly to
hospitals and healthcare providers in the UK and Ireland, where it
also distributes a range of advanced medical technologies for
infusion therapy. In the rest of the world the Company has an
established network of distribution partners around the world
giving access to more than 75 countries.
The Company operates in the UK from its
world-class Manufacturing and Technology Centre in Croydon, South
London and from its facility in Hailsham, East Sussex, and in the
USA from its facility in Melbourne, Florida.
Further information on Inspiration
Healthcare can be found at www.inspirationhealthcaregroup.com