IDOX PLC Extension of Banking Facilities (3319O)

TIDMIDOX

RNS Number : 3319O

IDOX PLC

29 January 2019

29 January

Idox plc

('Idox' or the 'Group' or the 'Company')

Extension of Banking Facilities

ldox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, is pleased to announce it has successfully extended its existing banking arrangement with the Royal Bank of Scotland plc and Silicon Valley Bank (the "Lenders").

The existing banking arrangements were agreed in September 2014 for a four-year term, extended previously to 24 February 2019 and this second extension runs to 25 February 2020.

As at 31 October 2018, the Group had borrowings under the existing arrangement of GBP25.0m. The facilities included a GBP17.0m term loan (of which GBP7.0m has been drawn down) and a revolving credit facility of GBP23.0m (of which GBP18.0m has been drawn down).

Under the terms of the extension:

-- the revolving credit facility will be increased to GBP24.5m until 1 June 2019 at which point it will revert to GBP23.0m until the expiry of this extension;

-- the term loan will be reduced by GBP1.25m on 30 April 2019, with the balance of GBP5.75m due at the expiry of this extension; and

-- the Group is now subject to additional financial covenants and requires the consent of the Lenders in the event it wishes to propose a dividend.

This extension gives Idox a strong platform to continue refocussing its operations and allows the Group time to consider longer-term financing alternatives.

-Ends-

Enquiries:

 
 Idox plc                         +44 (0) 870 333 7101 
 David Meaden, Chief Executive 
 Rob Grubb, Chief Financial 
  Officer 
 
 N+1 Singer (NOMAD and Broker)    +44 (0) 20 7496 3000 
 Shaun Dobson 
 Jen Boorer

About Idox plc

For more information see www.idoxplc.com @Idoxgroup

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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