Snacktime PLC Banking arrangements and Proposed equity issues (9864M)
May 13 2015 - 2:00AM
UK Regulatory
TIDMSNAK
RNS Number : 9864M
Snacktime PLC
13 May 2015
13 May 2015
SNACKTIME PLC ("SnackTime" or the "Company")
Bank arrangements and new equity subscriptions
Further to its announcement of 1 April 2015, SnackTime announces
that The Cooperative Bank ("the Bank") has agreed to a waiver of
the breach of the EBITDA/Interest cover covenant and to suspend all
covenant testing until 30 September 2015, subject to:-
1. Completion of a GBP100,000 new equity issue by the end of May
2015, the proceeds of which will be used in full to reduce the
outstanding balance on the Company's term loan reducing the
outstanding amount to GBP1,920,000. It is expected that this issue
will be subscribed as to GBP25,000 by members of the Boris
Belotserkovsky Concert Party, with the balance from certain
Directors and senior management. The price of the subscription will
be 10p per share, a premium of 33% on the mid-market price of the
Company's ordinary shares on 12 May 2015; and
2. Completion of a further GBP200,000 new equity issue by the
end of November 2015, the proceeds of which will again be used to
reduce the outstanding balance on the Company's term loan. This
further issue is likely to be subscribed in full by members of the
Boris Belotserkovsky Concert Party.
The previously scheduled further term loan repayments totalling
GBP110,000 will be made as planned by the end of December 2015.
Once all three of these events have been completed, the term loan
will have been reduced to GBP1,610,000, down from GBP3,394,000 in
April 2013.
Alongside the negotiations with the Bank, the Directors are also
considering the Company's existing loan notes, including the 2008
Convertible Loan Notes amounting to GBP600,000, due for redemption
in December 2015, and a conversion by certain Directors and other
noteholders of their holdings of 2013 Convertible Loan Notes
amounting to GBP67,500.
Further announcements will be made in due course.
For further information:
SnackTime PLC
Mark Stone, CEO
Tim James, CFO 020 8879 8300
Westhouse Securities
Limited
Tom Griffiths
Richard Johnson 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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