Travelzest plc Extension of Credit Facility (8793I)

TIDMTVZ

RNS Number : 8793I

Travelzest plc

09 July 2013

9 July 2013

Travelzest PLC

(the "Company")

Extension of Credit Facility

The Company announced in March 2012 that the expiry date for its credit facility agreement with its primary lending bank was amended from 31 October 2013 to 30 June 2013.

The Company today, announces that its primary lending bank has granted an extension to this credit facility until 12 July 2013. As previously stated the Company has received waivers from its primary bank in respect of the requirement to comply with financial covenants since April 2012. Consequently, the Company remains reliant on the support of it primary lending bank in order to continue to trade.

The Company announced in late January 2013 that it was seeking to renegotiate the terms of its existing bank loans and facilities as the Board was of the view that the terms were unsustainable and were negatively impacting the profitability of the Company. This situation remains unchanged.

The Company's interim results for the six months ended 30 April 2013 are expected to be released in late July 2013 when a further update as to the Company's trading and debt position will be given.

Enquiries:

 
 Travelzest plc 
 Christopher Howell - Non-Executive     Via Redleaf Polhill 
  Chairman 
 
 Redleaf Polhill                        +44 (0)20 7566 6720 
 Rebecca Sanders-Hewett / Jenny Bahr    travelzest@redleafpr.com 
 
 Merchant Securities Limited 
  (Nominated Adviser and Broker)        +44 (0)20 7628 2200 
 Simon Clements / Virginia Bull

Notes to Editors:

Travelzest plc (LSE:TVZ.L) is a dynamic travel group, with a collection of online travel retailers and specialized merchant operators. Included in the Travelzest agency family are itravel2000 and The Cruise Professionals,holiday.co.uk and flight.co.uk. Travelzest is traded on London's AIM Exchange under the symbol TVZ.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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