Business
Bank Facility Extension & Strategic Review Update
Bank Facility Extension & Strategic Review Update.
About this update from Tekmar Group Plc
[{"type":"text","content":"\n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE\n THIS ANNOUNCEMENT CONTANS INSIDE INFORMATION FOR IMMEDIATE RELEASE\n \n Tekmar Group plc\n \n \n Extension of Banking Facility and Update on Strategic Review Process \n \n The Board of Tekmar Group plc (\"Tekmar\" or the \"Company\") is pleased to announce it has agreed with Barclays Bank PLC (\"Barclays\") a 12-month extension of its committed £3.0m CBILs term loan facility. This extends the maturity date to 31 October 2023.\n Gross cash at 30 September 2022 was £8.5m compared to £5.1m at 31 March 2022. After a drawdown of banking facilities of £7.0m, net cash was £1.5m, an improvement of over £2.0m since 31 March 2022, demonstrating strong cash collection over the last 6 months.\n Derek Bulmer, CFO, commented, \"We are pleased to have extended the £3m CBILs facility by a further 12 months and thank Barclays for their ongoing support and look forward to building on our strong relationship going forward. We remain focused on improving the Group's cash position and it is encouraging to see the hard work of the team reflected in the Company being cash generative in the last six months.\"\n \n Update on Strategic Review and Formal Sales Process\n \n On 13 June 2022, the Company announced that the Board had commenced a strategic review to seek a strategic partner to support its opportunities for growth and provide additional balance sheet strength. These options included, but were not limited to, a sale of the Company conducted under the framework of a \"formal sale process\" in accordance with the Takeover Code.\n Having received indications of interest, the Company is exploring several options with interested parties. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further updates will be made when appropriate.\n \n Enquiries\n \n \n Tekmar Group plc\n \n Alasdair MacDonald, CEO +44 (0)1325...