THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) No. 596/2014 AS IT
FORMS PART OF ENGLISH LAW BY VIRTUE THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018 (AS AMENDED).
25 January 2024
FireAngel Safety Technology
Group plc
('FireAngel', the 'Group' or the 'Company')
Drawdown of loan
facility
As referred to in the announcement of
27 October 2023 setting out the terms of a recommended cash offer
made by Intelligent Safety Electronics Pte. Ltd ("ISE") for the issued and to be issued
share capital of FireAngel not already owned or controlled by ISE
(the "Offer"), ISE and
FireAngel entered into a facility agreement pursuant to the terms
of which ISE agreed to make available a loan facility (the
"Facility") to FireAngel of
up to £1.0 million to fund the business of FireAngel to be
utilised, if required, from 1 January 2024, until 30 June 2024. The
availability of the Facility was subject to the Offer not being
completed by 31 December 2023 or having been withdrawn, lapsed or
terminated and it continuing to be recommended by the directors of
FireAngel and usual events of default not continuing.
In accordance with the terms of the
Facility, FireAngel has today drawn down, and received from ISE,
£1.0 million, which it proposes to use for general working capital
purposes. Interest shall accrue at 6 per cent. per annum. The loan
together with any interest shall be repayable on the date falling 3
months after the earlier of:
(a) the Secretary of State notifying
ISE that no further action will be taken in relation to the Offer
pursuant to section18(8)(b)(ii) of the National Security and
Investment Act 2021 ("NSIA"); or
(b) in the event that a call-in
notice is given in relation to the Offer under section 1 of the
NSIA, either:
(i) the Secretary of State giving a
final notification pursuant to section 26(1)(b) of the NSIA in
relation to the Offer; or
(ii) the Secretary of State making a
final order pursuant to section 26(1)(a) of the NSIA in relation to
the Offer; or
(c) the date upon which the Offer
lapses, is terminated or is withdrawn.
Capitalised terms in this announcement, unless otherwise
defined, have the same meanings as set out in the Offer Document
issued by ISE on 2 November 2023.
For
further information, please contact:
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FireAngel Safety Technology Group plc
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024 7771 7700
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Andrew Blazye, Non-Executive
Chair
Neil Radley, Chief Executive
Officer
Zoe Fox, Chief Finance
Officer
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PwC
(Rule 3 Financial Adviser)
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Iain Reilly/Jon Raggett/Marcela
Salgado Escalante
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020 7583 5000
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Shore Capital (Nominated adviser and broker)
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020 7408 4050
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Tom Griffiths/David Coaten/Tom
Knibbs
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Houston (Financial PR)
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0204 529 0549
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Kate Hoare/Kelsey Traynor/Ben
Robinson
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Notes to Editors
About FireAngel Safety Technology
Group plc
FireAngel's mission is to protect
and save lives by making innovative home safety products which are
simple and accessible. FireAngel is one of the market
leaders in the European home safety products
market.
FireAngel's principal products are
connected smoke alarms, CO alarms, heat alarms and
accessories. The Company has an extensive portfolio of
patented intellectual property in Europe, the US and other
selected territories. Products are sold under FireAngel' s
leading brands of FireAngel, FireAngel Pro, FireAngel Specification
and AngelEye.
For further product information,
please visit: www.fireangeltech.com