6 March 2024
RM plc
Extension and
amendment of Banking facility
RM plc, (“RM”, the “Company”), a leading global educational technology,
digital learning and assessment solution provider, announces that
it has reached agreement with its lenders to extend its current facility by a further year
to the end of July 2026.
As previously announced, in the
second half of 2023, the Company entered discussions with its
Lenders to extend its current facility by a further year and to
review the requirements of the covenant testing. These discussions
have now successfully concluded, and the Company has secured an
agreement with Lenders which extends the existing £70m facility to
July 2026 and has reset the requirements and extended the term of
the quarterly minimum last twelve months (“LTM”) EBITDA covenant
tests to November 2025. From February 2026, the covenant tests are
replaced by a quarterly LTM EBITDA (post IFRS16) leverage test and
interest cover, both of which are required to be below 4 times. The
“hard” liquidity covenant was also lowered to £5m for the periods
15th September to 24th October 2024 and 1st January to 21st March
2025. All other requirements, including the fixed and floating
charge and soft liquidity covenants, remain materially unchanged
under the update.
Mark
Cook,
Chief
Executive
of
RM, commented:
"I
am
grateful
for the continuing support
of
our
lenders and
the extension
to
our
facility and
amendment to the covenant tests. Both lenders have
held long term
supportive relationships with the Company over many years and
continue to support RM as it embarks on its strategic development
programme to simplify the business, reduce its net debt, and return
the Company to growth and profitability.”
Enquiries:
RM
plc investorrelations@rm.com
Mark Cook, Chief Executive Officer
Simon Goodwin, Chief Financial
Officer
Fiona O’Nolan, Investor
Relations
Notes to editors
RM was founded in 1973, with a
mission to improve the educational outcomes of learners worldwide.
Fifty years on, we are a trusted Global EdTech, digital learning
and assessment solution provider, transforming learners, educators,
and accreditors to be more productive, resilient, and sustainable.
Our simple approach enables us to deliver best in class solutions
to optimise accreditation outcome.
RM is focused on delivering a
consistently high-quality digital experience, acting as a trusted
consultative partner to provide solutions that deliver real impact
for learners worldwide. Our three businesses include:
-
Assessment - a global provider of
assessment software, supporting exam awarding bodies, universities,
and governments worldwide to digitise their assessment
delivery.
-
TTS (Teacher Technology Solution)
– an established provider of education resources for early years,
primary schools, and secondary schools across the UK and to 80
countries internationally.
-
Technology - a market-leading
advisor and enabler of ICT software, technology and bespoke
services to UK schools and colleges.