Travelzest plc Change in Primary Lender (9375M)
September 02 2013 - 2:00AM
UK Regulatory
TIDMTVZ
RNS Number : 9375M
Travelzest plc
02 September 2013
2 September 2013
Travelzest PLC
(the "Company")
Change in Primary Lender
Travelzest PLC announces that Barclays Bank, the Company's
primary lender, has completed an assignment of the Company's
indebtedness, associated financial liabilities and security
arrangements, which currently amount to approximately GBP15 million
(including accrued interest and charges), to Elleway Acquisitions
Limited ("EAL"), a company incorporated in the BVI, on behalf of a
consortium led by LDC Logistics Development Corporation ("LDC"), a
company incorporated in Canada.
EAL, as the Company's new primary lender, has confirmed its
support of the proposed strategy of the business in the short term
and has confirmed that it is its current intention to support the
Company by providing, on behalf of that consortium, a working
capital facility for the period up to and including 30 September
2013 whereupon it will reassess the position of the Company.
This is notwithstanding the fact that the Company must continue
to comply with its obligations under the existing and new working
capital facility arrangements and that the loans and facilities are
still capable of being demanded by EAL at any time.
Consequently, the Company continues to be reliant on the support
of EAL in order to continue to trade.
A further announcement will be made in due course.
Enquiries:
Travelzest plc
Christopher Howell - Non-Executive Via Redleaf Polhill
Chairman
Redleaf Polhill +44 (0)20 7382 4730
Rebecca Sanders-Hewett / Dwight Burden travelzest@redleafpr.com
Sanlam Securities UK
(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.
LDC currently holds 10,829,572 Ordinary Shares in the capital of
the Company, equivalent to 7.46 per cent. of the Company's issued
share capital.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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