3 July 2024
Judges
Scientific plc
("Judges
Scientific", "Judges", the "Company" or the "Group")
Amendment
and Extension of Bank Facilities
Judges Scientific, the group focused
on acquiring and developing companies in the scientific instrument
sector, is pleased to announce that it
has amended and extended its existing multi-bank facilities
("Facility")
with Lloyds Banking Group plc, Santander and Bank of Ireland (the "Banks").
The changes to the Facility
will provide further acquisition financing
capacity in support of the Group's buy and build
strategy.
The amendments to the Group's
Facility are as follows:
·
£40m extension of the aggregate to £140m
consisting of a £90m revolving credit facility ("RCF") alongside a £50m uncommitted
accordion facility, which can be drawn with the agreement of the
Banks. This replaces the previous £100m facility which consisted of
a £25m term loan ("Term
Loan"), a committed £55m RCF and a £20m uncommitted
accordion.
·
The Facility has been extended by two years giving
a four year term running to 1 July 2028 ("Borrowing Term").
As at 30 June 2024 the Term Loan was
£10.9m (31 December 2023: £14.1m) and the RCF was £44.3m drawn (31
December 2023: £44.3m drawn), with £10.7m undrawn, alongside the
uncommitted £20m accordion.
·
Gearing no greater than 3 times Adjusted* EBITDA;
and
·
Interest Cover no less than 3 times.
*Adjusted
EBITDA (earnings before interest, tax, depreciation and
amortisation) excludes adjusting items relating to amortisation of
acquired intangible assets, acquisition-related costs, share based
payments and hedging of risks materialising after the end of the
year.
Brad Ormsby, Judges' Chief Financial
Officer, commented:
"We are delighted that our banks
continue to strongly support the Group's long-term growth plans.
This larger and extended facility will add increased capability to
the Group's deal-making capacity, and highlights our lenders'
support of the Group's enduring buy and build growth
strategy."
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For
further information please contact:
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Judges Scientific plc
David Cicurel, CEO
Brad Ormsby,
CFO
Tel: +44 (0) 20 3829
6970
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Shore Capital (Nominated Adviser & Joint
Broker)
Stephane Auton
Harry Davies-Ball
Tel: +44 (0) 20 7408 4090
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Panmure Liberum Limited (Joint
Broker)
Edward Mansfield
Nikhil Varghese
Tel : +44 (0) 20 3100
2222
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Investec Bank plc (Joint Broker)
Virginia Bull
Carlton Nelson
Tel: +44 (0) 207 597 4000
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Alma (Financial Public Relations)
Sam Modlin
Rebecca Sanders-Hewett
Joe Pederzolli
Tel: +44 (0) 20 3405 0205
judges@almastrategic.com
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Notes to editors:
Judges Scientific plc (AIM:
JDG), is a group focused on acquiring and developing companies in
the scientific instrument sector. The Group consists of 24
businesses acquired since 2005.
The acquired companies are
primarily UK-based with products sold worldwide to a diverse
range of markets including: higher education institutions,
scientific research facilities, manufacturers and regulatory
authorities. The UK is a recognised centre of
excellence for scientific instruments. The Group has received
five Queen's Awards for innovation and export.
The Group's companies predominantly
operate in global niche markets, with long term growth fundamentals
and resilient margins.
Judges Scientific maintains a
policy of selectively acquiring businesses that generate
sustainable profits and cash. Shareholder returns are created
through the reduction of debt, organic growth and
dividends.
For further information, please
visit www.judges.uk.com