Business
Banking and Posting Announcem
Banking and Posting Announcem.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 8509O Volex Group PLC 13 March 2009 \n \nVolex Group plc\n13 March 2009\n\nVolex Group plc\n\n('Volex' or the 'Company')\n\n\nThe Board of Volex Group plc, the global electrical and electronic cable assemblies group, is pleased to announce an extension to its banking facilities and the posting of a shareholder circular in relation to the proposed sale of the Company's Wiring Harness Division, as announced on 9 February 2009. \n\nExtension of banking facilities\n\nVolex and Lloyds TSB Bank plc yesterday agreed to extend the expiry date of the Company's existing $76 million revolving credit facility. The facility, which was due to expire in December 2009, has now been extended to March 2012 and the terms and covenant levels have been updated in line with the Company's latest 3 year plan. The four covenants contained within the existing facility have been reduced to a single leverage covenant. As in the existing facility the margin payable is dependent on the leverage ratio of the Company, although minor changes have also been made to the rates to reflect current market practice, The extended agreement also incorporates other amendments with respect to prepayment conditions, amortisation schedules and sundry other terms to ensure that the updated facility supports the Company's ongoing growth and development.\n\nPosting of shareholder circular and notice of EGM\n\nFurther to the Company's announcement on 9 February 2009 regarding the proposed sale of its Wiring Harness Division to Ionix Holdings Limited (the 'Transaction'), Volex today announces the notice of the required Extraordinary General Meeting of the Company (the 'EGM') to be held at 11am on 31 March 2009 at Dornoch House, Kelvin Close, Birchwood Science Park, Warrington, WA3 7JX.\n\nIn view of the size of the Wiring Harness Division, the Board has convened this EGM to allow shareholders to approve the Transaction under the Listing Rules, which define the Transaction as a class 1 transaction.\n\nA circular has today been posted to shareholders, setting out further information regarding the Transaction and the notice of the meeting. Copies of the circular are available for inspection on the Company website (ww...