Refinancing
September 03 2010 - 9:30AM
UK Regulatory
TIDMJNY
RNS Number : 1412S
Journey Group PLC
03 September 2010
Journey Group plc
Journey Group plc refinances with a GBP4.5million, three-year facility
Journey Group Plc ("Journey" or the "Group"), a leading provider of in-flight
products, catering and media services to the travel and airline industry today
announces a refinancing of its GBP3.25million borrowing facilities, due to
expire on 31 August 2010.
The new facility totalling GBP4.5 million has been agreed with a new investor
with a term of three years. Under the arrangement, the new investor has been
issued with warrants of over up to 35,185,825 new ordinary shares in Journey
(approximately 10% of the Group's fully diluted share capital) exercisable at a
price of 1p per share on or before 2 September 2020.
Stephen Yapp, Chairman said, 'I am delighted that we have secured longer term
financing for the Group for the first time in several years. This marks the end
of a long restructuring exercise and builds on the GBP5.0 million cash injection
from the Alpha-Airfayre Limited joint venture deal that we secured in November
2009.
Our ability to raise increased and more stable facilities in a difficult lending
environment is a testament to the current state of the Group's business and its
future prospects. These new facilities will enable management to look ahead with
increased confidence and will provide much needed cash resources to invest in
developing our business.'
The Group's half year results will be announced in late September 2010.
Journey Group plc contacts:
Stephen Yapp
+44 (0)208 606 2000
info@journeygroup.plc.uk
Carl Fry
+44 (0)208 606 2000
info@journeygroup.plc.uk
KBC Peel Hunt Ltd (Nominated Adviser & Broker)
+44 (0)20 7418 8900
David Anderson / Daniel Harris
This information is provided by RNS
The company news service from the London Stock Exchange
END
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