Science Group PLC Credit Facility to TP Group (9018V)
16 Diciembre 2021 - 4:30AM
UK Regulatory
TIDMSAG TIDMTPG
RNS Number : 9018V
Science Group PLC
16 December 2021
16 December 2021
Science Group plc ("Science Group")
Credit Facility to TP Group
Following the appointment of the two Science Group nominees to
the TP Group plc ("TP Group") Board, Science Group supports the new
strategy set out by TP Group on 1 November 2021 which is consistent
with the model outlined in the Science Group strategic
investment.
From the outset, Science Group consistently highlighted to TP
Group both the benefits of a potential partnership and the
potential challenges as an independent entity. In particular, over
the summer, Science Group noted the going concern commentary in the
TP Group 2020 Annual Report. To mitigate certain risks and provide
a more robust financial platform, Science Group recently offered,
and the independent directors of TP Group have accepted, a standby
revolving credit facility (the "Facility"). It is not certain that
the Facility will be required but it provides additional headroom
to allow the TP Group Board to execute its new strategy.
The Facility is for up to GBP5 million for the period from the
date of signing until 30 September 2023. The Facility, which is
unsecured, includes an arrangement fee of 3%, interest rate on
drawn amounts of 1% per month and a rate of 0.4% per month of any
undrawn amount, both subject to Sterling Overnight Index Average
(SONIA) remaining below 1%. The Facility can be cancelled or
refinanced by TP Group with a third party at any time and without
penalty or early termination charges but while in place the terms
of the agreement protect Science Group from material shareholder or
board dilution. As a result of the Science Group facility being
provided, TP Group's bank has amended and eased covenants and
extended the existing bank loan to 30 September 2023.
As directors of both companies, Martyn Ratcliffe and Peter
Bertram have not participated in any decisions of the Boards of
either TP Group nor Science Group in relation to the Facility.
End
Science Group plc
Tel: +44 (0) 1223 875
Sarah Cole, Company Secretary 200
Stifel Nicolaus Europe Limited (Nominated
Adviser and Joint Broker)
Tel: +44 (0) 20 7710
Nick Adams, Alex Price 7600
Liberum Capital Limited (Joint Broker)
Tel: +44 (0) 20 3100
Neil Patel, Cameron Duncan 2000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFFIFALRLIL
(END) Dow Jones Newswires
December 16, 2021 05:30 ET (10:30 GMT)
Tp (LSE:TPG)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Tp (LSE:TPG)
Gráfica de Acción Histórica
De May 2023 a May 2024