Premier Veterinary Group PLC Business Update and Financing (7387L)
04 Mayo 2020 - 1:00AM
UK Regulatory
TIDMPVG
RNS Number : 7387L
Premier Veterinary Group PLC
04 May 2020
PREMIER VETERINARY GROUP PLC
("PVG", the "Company" or the "Group")
Business Update and Financing
London, UK, 4 May 2020 - Premier Veterinary Group PLC (LSE:
PVG)
Business Update
The unaudited consolidated management accounts for the six
months ended 31 March 2020 show a 5.2% increase in revenues to
GBP1,965,000 (31 March 2019: GBP1,867,000) and a significant
improvement in the group's loss from operations before interest and
tax to GBP(842,000) (31 March 2019 GBP(1,390,000)).
For the same period PVG achieved a 22% increase in the number of
revenue generating pets on active plans to 336,000 (31 March 2019:
275,000).
As part of the continual development of functionality within its
integrated multi-currency platform, PVG launched a home delivery
offering in the UK during April 2018 (branded as Post2Pet(TM)). The
service has been particularly well received by clinics and pet
owners alike following the Government lock-down announced on 23
March 2020. Post2Pet(TM) has enabled the continued supply of
important medicines to pet owners during this period when
limitations have been imposed on veterinary clinics and the
movement of people.
Notwithstanding the impact of the Coronavirus (Covid-19)
pandemic on PVG's business (which may result in slower growth and
increased cancellations by pet owners) revenues for the month of
April 2020 were 1.8% higher than February (being the last full
month prior to the UK lockdown) and the number of pets on plan
increased slightly during this period.
In view of the global uncertainties PVG has considered the
assistance available from government agencies in the UK, US and
France and has accessed that assistance where appropriate including
the furloughing of a small number of employees. PVG's remaining
employees including the directors have agreed to a Group wide
reduction in salaries from April to June and other short-term cost
savings have been implemented.
Financing
Bybrook Finance Solutions Limited (BFSL) has provided loan
finance to PVG pursuant to a facility agreement dated 25 January
2019 (as amended by a supplemental deed of amendment dated 23
December 2019 and a second supplemental deed of amendment dated 29
January 2020) (the 2019 Facility) and a facility agreement dated 29
January 2020 (the 2020 Facility).
The 2020 Facility provided for loan finance of GBP1.1m of which
GBP600,000 was drawn down in January 2020 with a repayment date of
30 April 2020. The draw-down of the remaining facility and the
extension of the repayment date to 31 July 2021 was subject to the
issue by PVG of warrants to subscribe for up to 383,673 new PVG
ordinary shares of 10p each at an exercise price of 10p per share
within 5 years of the issue of any such warrants (the Warrants). As
a result of the occurrence of the Coronavirus (Covid-19) pandemic
and the imposition of a lock down by the UK Government PVG's Annual
General Meeting due to take place on 31 March 2020 was postponed
and the Warrants could not be issued because PVG did not have a
valid authority to issue shares. Accordingly the repayment date was
not extended and BFSL no longer has an obligation to make any
further advances to PVG under the 2020 Facility.
On 1 May 2020 PVG and BFSL entered into further deeds of
amendment that provide for (i) the waiver of events of default that
have occurred under the 2019 Facility and the 2020 Facility as a
result of actions taken by PVG in light of the Coronavirus
(Covid-19) pandemic and (ii) the extension of the repayment date in
the 2020 Facility to 31 July 2021.
Rajan Uppal the sole director and shareholder of BFSL is a
director of PVG and has an interest in 5,421,138 Ordinary Shares in
PVG representing 35.3% of PVG's issued share capital.
Crossroads Finance limited ("Crossroads"), a company jointly
owned and controlled by Dominic Tonner, Chief Executive Officer of
PVG, and his spouse has provided funding to BFSL linked to BFSL's
loans to PVG.
Dominic Tonner has an interest in 1,799,670 Ordinary Shares in
PVG, representing 11.73% of PVG's issued share capital.
Annual General Meeting (AGM)
PVG continues to review options for holding the AGM as soon as
is practically and safely possible and we anticipate further
guidance from the Department for Business, Energy and Industrial
Strategy and the Financial Reporting Council to provide clarity in
that regard with new legislation to allow an AGM to proceed.
Outlook
The Coronavirus (Covid-19) pandemic has created uncertainties
which make it more difficult for many businesses including PVG to
forecast with any degree of certainty. However the directors of PVG
believe that the nature of PVG's business and its continued
willingness to invest in its technology platform and people even in
these difficult times will lead to continued albeit slower growth
and that PVG has sufficient working capital for the foreseeable
future.
-Ends-
For further information, please contact:
Premier Veterinary Group plc
Dominic Tonner, Chief Executive Officer Tel: +44 (0)117 970
4130
Andrew Paull, Chief Financial Officer
For further details go to: www.premiervetgroup.co.uk
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END
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