Bank Facilities Update (4922H)
May 31 2011 - 2:00AM
UK Regulatory
TIDMACR
RNS Number : 4922H
Abbeycrest PLC
31 May 2011
Abbeycrest plc
("Abbeycrest", the "Company" or the "Group")
Bank Facilities Update
The board of Abbeycrest is pleased to announce that revised and
extended facilities have now been agreed with its banking partners
in both the UK and Thailand.
Burdale Financial Limited ("Burdale")
Burdale, the Group's senior lender, has agreed to extend the
renewal date of the Group's UK bank facility to 9 March 2014 and to
re-set the associated covenants.
As a result of a transfer in the Group's working capital
requirements from the UK to Thailand, Abbeycrest has also taken the
opportunity to halve its UK facility limit with Burdale from GBP8.0
million to GBP4.0 million, thereby reducing future
under-utilisation costs. All other principal terms and conditions
remain unchanged.
Siam Commercial Bank PCL ("SCB")
The Company's subsidiary, Abbeycrest Thailand Limited ("ATL"),
has also agreed an increase of GBP3.0 million in its seasonal
working capital facilities with its long-standing finance provider,
SCB. This comprises an increase of GBP2.6 million in its invoice
finance facility and an additional short term loan of GBP0.4
million to facilitate the consolidation of Abbeycrest's Hong Kong
activities into ATL.
The extended SCB facilities, which now total GBP8.8 million,
cover the expected peak working capital requirements of the August
to December 2011 period and are renewable annually. All other
principal terms and conditions remain unchanged.
Simon Ashton, Executive Chairman of Abbeycrest, said: "I am
pleased that the Group has been able to agree revised and extended
bank facilities with our banking partners. This will now allow us
to focus on top-line growth as we continue to develop our
design-led, branded jewellery ranges."
For further information, please contact:
Abbeycrest plc Tel: 0113 397 0864
Simon Ashton, Executive Chairman www.abbeycrest.co.uk
Evolution Securities Limited Tel: 0113 243 1619
Joanne Lake/Peter Steel www.evosecurities.com
Rawlings Financial PR Limited Tel: 01653 618 016
Catriona Valentine/Keeley Clarke www.rawlingsfinancial.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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