Tekmar Group PLC Extension of Banking Facilities (4766H)

TIDMTGP

RNS Number : 4766H

Tekmar Group PLC

28 July 2023

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

TEKMAR GROUP PLC

("Tekmar Group", the "Company" or the "Group")

Extension of Banking Facilities

Tekmar Group plc (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces it has agreed with Barclays Bank PLC ("Barclays") a renewal of its existing banking facilities.

The trade loan facility is extended until 15 June 2024, maintaining a facility of up to GBP4m which can be drawn against supplier payments and is provided with support from UK Export Finance. In addition, the GBP3m CBILs term loan facility is extended by a further 12 months until 31 October 2024. This completes the renewal of the Group's existing facility and financing arrangements.

The directors also confirm that the Group's financial performance for the current financial year to September 2023 remains in-line with management expectations set out in the interim results announced in June 2023.

Enquiries:

 
Tekmar Group plc 
 Alasdair MacDonald, CEO 
 Leanne Wilkinson, CFO                            +44 (0)1325 349 050 
Singer Capital Markets (Nominated Adviser 
 and Joint Broker) 
 Rick Thompson / George Tzimas / Alex Emslie      +44 (0)20 7496 3000 
Berenberg (Joint Broker) 
 Ben Wright / Ciaran Walsh                        +44 (0)20 3207 7800 
Bamburgh Capital Limited (Media & Investor 
 Relations) 
 Murdo Montgomery                                +44 (0) 131 376 0901

The person responsible for arranging the release of this announcement on behalf of the Company is Leanne Wilkinson, Chief Financial Officer.

About Tekmar Group plc

Tekmar Group plc (LON: TGP) collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world's energy transition.

Through our Offshore Energy and Marine Civils Divisions we provide a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure. With near 40 years of experience, we optimise and de-risk projects, solve customers' engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology.

We have a clear strategy focused on strengthening Tekmar's value proposition as an engineering solutions-led business which offers integrated and differentiated technology, services and products to our global customer base.

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.

   For more information visit:   www.tekmargroup.com 
   Subscribe to further news from Tekmar Group at   Group News

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July 28, 2023 02:00 ET (06:00 GMT)

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