Debt Refinancing and Grant of Warrants

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[{"type":"text","content":"\n\n\n16 November 2023\n \nPressure Technologies plc\n(\"Pressure Technologies\" or \"the Company\" or \"the Group\")\n \nDebt Refinancing and Grant of Warrants\n \nPressure Technologies plc (AIM: PRES), the specialist engineering group, is pleased to announce completion of the debt refinancing and grant of warrants announced on 24 October 2023.\nDebt Refinancing\n \nThe Company has formally executed legal documentation with Rockwood Strategic plc1 and Peter Gyllenhammar AB (together \"the Lenders\"), both major shareholders in the Company, in relation to a new Term Loan Facility of £1.5 million (\"the Facility\"). \n \nThe Facility has been subject to full drawdown and has been utilised to repay an outstanding bank loan of approximately £0.9 million to Lloyds Banking Group, to settle transaction costs and to provide additional working capital headroom.\n \nThe principal terms of the Facility are as described in the prior announcement dated 24 October 2023.\n \nGrant of Warrants\n \nIn conjunction with the provision of the Facility, the Lenders have been issued with 1,933,358 warrants in aggregate (representing 5% of the issued share capital) to subscribe for ordinary shares in the Company (\"the Warrants\") at a price of 32 pence per share, representing a 20% premium to the closing share price on 23 October 2023 (being the day prior to the announcement of the Facility). The Warrants may be exercised at any time in the 5 years following drawdown of the Facility and continue to be exercisable in the event the Facility is repaid before its final expiry.\n \nChris Walters, Chief Executive of Pressure Technologies plc, commented:\n \n\"We are delighted to have completed the refinancing with the support of two of our major shareholders. Our new Facility will enable us to further develop the business whilst we realise value from the sale of the Precision Machined Components division.\"\n \nRichard Staveley, Non-Executive Director of Pressure Technologies plc and Fund Manager of Rockwood Strategic plc, commented:\n \n\"Constructively engaging with Pressure Technologies has led to us providing this loan, alongside Peter Gyllenhammar AB, another major shareholder, to support the Company through to the planned divestment of the Precision Machined Components divisio...

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