TCN Tricorn Group Plc

TIDMTCN

RNS Number : 0564V

Tricorn Group PLC

12 April 2021

12 April 2021

Tricorn Group plc

("Tricorn", the "Company" or the "Group")

Approval of USA Payroll Protection Program loan

Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announces that, according to the lending bank's administration portal, the Company's application for the 2(nd) draw USA Payroll Protection Program ("PPP") loan, which it made in March 2021, has been approved.

This loan, amounting to $0.7m (GBP0.5m), has been made to protect US jobs and, provided it is used for employee retention, payroll and other eligible purposes, the Company could make an application for the PPP loan to be forgiven, thereby converting it into a grant, as was the case with the PPP loan secured by the Group in June 2020 which, as previously announced, was forgiven in full.

Cash balances as at 9 April 2021 totalled GBP1.0m and will increase to approximately GBP1.5m when this 2(nd) draw USA PPP loan is received which is expected later this month.

For further information please contact:

Tricorn Group plc www.tricorn.uk.com

Andrew Moss, Chairman Tel +44 (0)7768 306 701

   Michael Stock, Chief Executive/Group Finance Director                  Tel +44 (0)7894 784 106 

Shore Capital Tel +44 (0)20 7408 4080

Tom Griffiths

David Coaten

Henry Willcocks

Notes to Editors:

Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.

Headquartered in Malvern, UK, Tricorn has manufacturing facilities in USA and UK employing approximately 240 employees and has an additional joint venture facility in China.

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April 12, 2021 02:00 ET (06:00 GMT)

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