Business
Trading Statement & New Debt Finance
Trading Statement & New Debt Finance.
About this update from Tern Plc
[{"type":"text","content":"\n The Core Business (\"Core\" or the \"Company\")\n Trading Statement & New Debt Finance\n\n\n\nThe Company has experienced an improvement in order levels since the Trading\nStatement made on 2 June 2009.\n\nFollowing the launch of Bloom, the Australian colour cosmetics brand into 100\nSuperdrug stores in September 2008, the Company has launched the range into 6\nDebenhams store in Ireland, into Arnotts a major department store in Dublin, and\nis currently in negotiation with Superdrug to roll out Bloom into further\nstores. Grace Your Face, a wholly owned skincare brand, launched in leading\nFrench retail chain Monoprix in late June 2009. It is listed in 140 stores\nacross France. PureDerm a distributed skincare brand is in the process of\nlaunching into the UK's independent pharmacy sector via a third party sales\nteam. Skin Benefits, a wholly owned brand, is undergoing a relaunch with\nnegotiations underway to launch the brand globally in partnership with a US\npharmaceutical distributor. The Company also recently secured its first listing\nfor a variety of its products in Holland and Barrett and launched 1-2 Dry, an\ninnovative personal care product, onto boots.com\n\nThe Company is also pleased to announce that it secured £50,000 of debt\nfinancing through a short-term loan facility from Matt Cooper, Core's Chairman\n(the \"Loan Facility\").\n\nThe Loan Facility, which is secured on certain specific trade receivables of the\nCompany, which fall payable 45 days after issue, is repayable from their\nproceeds and carries a fixed interest rate at an equivalent rate of 8 per cent.\nper annum with the interest accruing daily and a £1,000 arrangement fee.\n\nThe Loan Facility will enable the Company to finance the increase in orders\nmentioned above.\n\nThe directors (other than Mr. Cooper), having consulted with the Company's\nnominated adviser, consider the terms of the Loan Facility to be fair and\nreasonable insofar as shareholders are concerned.\n\n15 July 2009\n\nENDS\n\n\nFor further information, please contact:\n\nThe Core Business PLC www.thecorebusiness.co.uk\nStirling Murray, Chief Executive 020 8559 8244\nAlastair Kennedy, Finance Director 020 8559 8244\n\nBlomfield Corporate Finance Ltd (Nomad)\nNick Harriss/Emily Morgan 020 7489 4500\n\nSVS Securities plc (Broker)\nIan Callaway 020 7638 5600\n\n\nNotes to Editor...