Pressure Technologies PLC Debt Refinancing and Grant of Warrants (5964T)
November 16 2023 - 2:00AM
UK Regulatory
TIDMPRES
RNS Number : 5964T
Pressure Technologies PLC
16 November 2023
16 November 2023
Pressure Technologies plc
("Pressure Technologies" or "the Company" or "the Group")
Debt Refinancing and Grant of Warrants
Pressure Technologies plc (AIM: PRES), the specialist
engineering group, is pleased to announce completion of the debt
refinancing and grant of warrants announced on 24 October 2023.
Debt Refinancing
The Company has formally executed legal documentation with
Rockwood Strategic plc(1) and Peter Gyllenhammar AB (together "the
Lenders"), both major shareholders in the Company, in relation to a
new Term Loan Facility of GBP1.5 million ("the Facility").
The Facility has been subject to full drawdown and has been
utilised to repay an outstanding bank loan of approximately GBP0.9
million to Lloyds Banking Group, to settle transaction costs and to
provide additional working capital headroom.
The principal terms of the Facility are as described in the
prior announcement dated 24 October 2023.
Grant of Warrants
In conjunction with the provision of the Facility, the Lenders
have been issued with 1,933,358 warrants in aggregate (representing
5% of the issued share capital) to subscribe for ordinary shares in
the Company ("the Warrants") at a price of 32 pence per share,
representing a 20% premium to the closing share price on 23 October
2023 (being the day prior to the announcement of the Facility). The
Warrants may be exercised at any time in the 5 years following
drawdown of the Facility and continue to be exercisable in the
event the Facility is repaid before its final expiry.
Chris Walters, Chief Executive of Pressure Technologies plc,
commented:
"We are delighted to have completed the refinancing with the
support of two of our major shareholders. Our new Facility will
enable us to further develop the business whilst we realise value
from the sale of the Precision Machined Components division."
Richard Staveley, Non-Executive Director of Pressure
Technologies plc and Fund Manager of Rockwood Strategic plc,
commented:
"Constructively engaging with Pressure Technologies has led to
us providing this loan, alongside Peter Gyllenhammar AB, another
major shareholder, to support the Company through to the planned
divestment of the Precision Machined Components division, which we
believe will unlock shareholder value. Chesterfield Special
Cylinders is a world-class manufacturing business serving a
multitude of allied navies, air forces and leading industrial
businesses. Exposed to the emerging hydrogen economy, it is also a
trusted provider of integrity management services to
mission-critical defence platforms. The Company has material asset
backing and we are proud to provide finance to such an important
business within the UK's manufacturing base."
Additional Information
(1) Harwood Capital LLP is the investment manager of Rockwood
Strategic plc.
For further information, please contact:
Pressure Technologies plc Tel: 0333 015 0710
Chris Walters, Chief Executive
Steve Hammell, Chief Financial
Officer
Singer Capital Markets (Nomad Tel: 0207 496 3000
and Broker)
Rick Thompson / Asha Chotai
Houston (Financial PR and Investor Tel: 0204 529 0549
Relations) pressuretechnologies@houston.co.uk
Kay Larsen / Ben Robinson
COMPANY DESCRIPTION
www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial and hydrogen energy markets.
The Group has two divisions:
-- Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
-- Precision Machined Components (PMC) - www.pt-pmc.com
o Includes the Al-Met, Roota Engineering and Martract sites.
Notification and public disclosure of transactions by Persons
Discharging Managerial Responsibilities ("PDMR") and Persons
Closely Associated with them:
1 Details of the Person Discharging Managerial Responsibilities
/ Person Closely Associated
a) Name Rockwood Strategic plc
----------------------------- ---------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Person Closely Associated with Richard
Staveley (Director and PDMR of the
Company)
----------------------------- ---------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------------- ---------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Pressure Technologies plc
----------------------------- ---------------------------------------
b) LEI 213800PTKN1VDP2DIN05
----------------------------- ---------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------
a) Description of the financial Wa rrants to subscribe for ordinary
instrument, type of shares
instrument
Identification code GB00B1XFKR57
b) Nature of the transaction Grant of Warrants
----------------------------- ---------------------------------------
c) Price(s) and volume(s) Volumes: 966,679 warrants
Exercise price: 32p
----------------------------- ---------------------------------------
d) Aggregated information N/A
----------------------------- ---------------------------------------
e) Date of the transaction 14 November 2023
----------------------------- ---------------------------------------
f) Place of the transaction Outside of a trading venue
----------------------------- ---------------------------------------
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END
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