PROACTIS Holdings PLC Reset of bank facilities (1236L)
April 28 2020 - 2:00AM
UK Regulatory
TIDMPHD
RNS Number : 1236L
PROACTIS Holdings PLC
28 April 2020
28 April 2020
Proactis Holdings PLC
Reset of bank facilities
Proactis Holdings PLC ("Proactis", the "Group" or the
"Company"), the business spend management solution provider is
pleased to announce that it has agreed a fundamental reset of its
banking facilities (the "Facility") with HSBC UK, its long standing
debt provider, reflecting the Company's much improved financial
position and growth strategy and the continued support of HSBC
UK.
As previously described, the Group has made encouraging progress
in line with its strategy during the six-month period ended 31
January 2020 which will be presented in detail within the Group's
interim results announcement scheduled for 29 April 2020.
The Board considers that the recent progress made has created a
solid commercial and operational platform for the Group to realise
its market potential. Further progress will be underpinned by the
amended Facility which represents a fundamental foundation of the
Group's business plan for the mid-term. Key amendments to the
Facility are as follows:
- A rescheduling of the amortisation profile of the Facility
thereby providing an additional GBP3m capital in the short-term to
support the Group's growth strategy;
- Revised covenants with material headroom to the current
business plan; and
- A conditional option to extend the expiry of the current
agreement from 31 July 2022 to 31 July 2023.
Tim Sykes, CEO of Proactis, commented:
"We appreciate the continued support of our long-term partner,
HSBC UK, and look forward to strengthening our relationship
further. The reset of the basis of our facilities with HSBC UK is a
fundamental foundation for the Group's mid-term business plan and
it gives us great confidence that this business is fully funded to
deliver our current growth plan for the foreseeable future."
Adam Kelly, Deputy Regional Director of HSBC UK, commented:
"The Group has demonstrated some encouraging progress in line
with its strategy over recent months and we are pleased to be able
to continue our support to the business in these
circumstances."
For further information, please contact:
Proactis Holdings PLC 01937 545070
Tim Sykes, Chief Executive Officer investorcontact@proactis.com
finnCap Ltd
Stuart Andrews/Carl Holmes/Matthew Radley - Corporate
Finance
Andrew Burdis/Richard Chambers - ECM 0207 220 0500
Alma PR 020 3405 0205
Rebecca Sanders-Hewett, Hilary Buchanan, Sam Modlin Proactis@almapr.co.uk
N otes to Editors:
Proactis creates, sells and maintains software and services
which enable organisations to streamline, control and monitor all
indirect expenditure. Its solutions are used in over 1,100 buying
organisations internationally from the commercial, public and
not-for-profit sectors.
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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