Business
Update on Financing and AGM
Update on Financing and AGM.
About this update from Videndum Plc
[{"type":"text","content":"\n \n \n RNS Number : 7336L\n Vitec Group PLC (The)\n 04 May 2020\n \n \n \n \n \n \n \n NOT 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 .\n \n \n 4 May 2020\n \n The Vitec Group plc\n Update on Financing and AGM\n \n \n \n The Vitec Group plc (\"Vitec\" or \"the Group\"), the international provider of premium branded products and solutions to the fast changing and growing \"image capture and content creation\" market, is providing an update on financing and arrangements for its AGM.\n Financing arrangements\n Vitec disclosed on 25 March 2020 that it was seeking to expand and amend its current financing arrangements on a short-term basis to provide it with greater flexibility. The Group is pleased to announce that it has agreed revised covenants for 2020 under its £165 million Revolving Credit Facility with its existing banking group who were unanimous in their support. In addition, the Group is eligible to issue paper under the COVID Corporate Financing Facility (\"CCFF\") scheme and intends issuing commercial paper initially at a value of £30 million. Together, these are expected to provide the Group with greater short-term flexibility.\n Annual General Meeting\n The Board has considered the impact of the Government's Stay at Home Measures and the ICSA guidance on the forthcoming AGM and would therefore like to confirm the meeting arrangements. The 2020 AGM will now be held at the Company's registered office at 11.00 am (UK time) on Wednesday, 27 May 2020. The safety and well-being of our employees and shareholders is of paramount importance and shareholders will not be permitted to attend the AGM in person.\n \n The Chairman and Company Secretary will attend the AGM in person to ensure that the Meeting is quorate and to conduct the business of the Meeting. No other Directors will be present in person. The Meeting will be limited to the formal business as set out in the AGM notice dated 25 March 2020 and the voting results of all resolutions put before the Meeting will be announced to the market following the AGM. Any questions that shareholders have on the business of the Meeting should be sent by e mail to \n \n [email protected]\n \n .\n \n \n \n We strong...