Business
Update Announcement
Videndum plc has reached an in-principle agreement for a refinancing plan with its revolving credit facility lenders and two largest shareholders, aiming to deleverage the business and secure its future. The proposal includes a £70 million gross equity raise, the equitisation of £23 million of RCF debt for Polus Capital, repayment of £50 million from the existing RCF, and restructuring of the remaining RCF with new maturity tranches and a new three-year Super Senior Facility underwritten by Polus Capital. This refinancing is expected to reduce pro forma net debt from £143.3 million to approximately £52 million as of November 30, 2025, significantly improving the company's capital structure and credit metrics. The plan is conditional on final documentation and shareholder approval, with completion anticipated by the end of Q1 2026, though existing shareholders face significant dilution. If the refinancing fails, an alternative lender-led transaction is likely, potentially resulting in no recovery for current shareholders. Disclaimer*
About this update from Videndum Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\nFOR IMMEDIATE RELEASE\n \n23 December 2025\n \nVidendum plc\n \nUpdate announcement\n \nVidendum plc (the \"Company\" or the \"Group\") is pleased to provide an update on its ongoing negotiations with its revolving credit facility (\"RCF\") lenders and its two largest shareholders.\n \nProposed Refinancing\n \nThe Company continues to make constructive progress with its RCF lenders and its two largest shareholders on a deleveraging plan. As outlined in the Company's 30 April 2025, 6 August 2025 and 16 October 2025 announcements, any plan to deleverage the business will require alternative new sources of liquidity including, but not limited to, any combination of proceeds from disposals, new debt facilities and the raising of new debt or equity.\n \nThe Group's net debt as at 30 November 2025 was £143.3 million, including £26.5 million of finance leases. \n \nAll matters remain under consideration and subject to agreeing final, legally binding documentation, but the main components of a refinancing proposal (the \"Refinancing\") have now been agreed in-principle with the RCF lenders and the Company's two largest shareholders. The Refinancing comprises:\n \n· a Firm Placing, Placing and Open Offer to raise c.£70 million (gross). The two largest institutional shareholders of the Company have indicated their in-principle support to participate in this equity raise, at least pro rata on a post-Refinancing basis;\n· the equitisation of c.£23 million of RCF debt in exchange for new equity for Polus Capital, a private credit lender which has been one of the RCF lenders for some time;\n· the repayment of c.£50 million of the Group's existing RCF from the proceeds of the equity raise; and\n· the restructuring of the remainder of the Group's existing RCF, including to provide the Group with sufficient maturity (three years £31.5 million tranche A; two year £13.5 million tranche B) and acceptable coupon and covenants, alongside the...