Young & Co's Brewery PLC Financing and Dividend Update (2924O)
29 Mayo 2020 - 1:00AM
UK Regulatory
TIDMYNGA
RNS Number : 2924O
Young & Co's Brewery PLC
29 May 2020
29 May 2020
Information within this announcement is deemed by Young's to
constitute inside information under the Market Abuse Regulation
(EU) No. 596/2014.
Young & Co.'s Brewery, P.L.C.
("Young's" or the "Company")
Financing and Dividend Update
Notification pursuant to AIM Rules 11 and 17
Financing Update
On 13 May 2020, Young's announced changes and proposed changes
to its financing arrangements and provides the following
update:
-- All the Company's lending banks have now replaced the
Company's financial covenant tests at June, September and December
this year and at March next year with an additional monthly GBP20
million available liquidity test through to and including June
2021. They have also waived any technical 'cessation of business'
breach resulting from the group's pubs being closed due to the
coronavirus pandemic.
-- The Company has now entered into its new GBP50 million
syndicated term loan facility with NatWest and HSBC. This facility
has been drawn and used to repay in full the GBP50 million
syndicated facility with RBS and Barclays that was due to expire in
March 2021.
-- The Company has also now entered into its new GBP20 million
bilateral revolving credit facility with NatWest. The Company does
not now intend to draw on this facility but instead retain it as
available liquidity to help the Company meet the liquidity test
referred to above. This new facility matures next May, and the
Company has the option early next year to request an extension of
its maturity date by six months and can do the same again later
next year. In deciding whether to make either of these requests,
the Company's board will take into consideration the fact that no
dividend can be declared, made or paid whilst any part of this
facility is drawn and that this facility, if undrawn, will be
cancelled if any dividend is declared, made or paid.
Dividend Update
In view of the ongoing closure of the Company's pubs, the
expected lower levels of trade when they re-open and the terms of
the new revolving credit facility, the Company will not be paying
an interim dividend for the current financial year ending 29 March
2021. The Company's board is very mindful of the importance of
dividends to Young's shareholders and intends resuming dividend
payments as soon as is practicable, but no decisions have been made
about when that will be.
- Ends -
Anthony Schroeder
Company Secretary
29 May 2020 (06:00 GMT)
Tel: 020 8875 7000
Contacts:
Young & Co.'s Brewery, P.L.C.
Patrick Dardis, Chief Executive / Mike Owen, Chief
Financial Officer 020 8875 7000
J.P. Morgan Cazenove (AIM nominated adviser and
joint broker)
James Mitford / Ameya Velhankar 020 7742 4000
Panmure Gordon (joint broker)
Erik Anderson 020 7886 2500
MHP Communications 07551 170 451
Tim Rowntree / Alistair de Kare-Silver youngs@mhpc.com
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END
UPDEAESPAANEEAA
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