Eco Animal Health Group PLC New Banking Facility (9208R)
11 July 2022 - 4:00PM
UK Regulatory
TIDMEAH
RNS Number : 9208R
Eco Animal Health Group PLC
11 July 2022
11 July 2022
ECO Animal Health Group plc
("ECO", the "Company" or the "ECO Group") (AIM: EAH)
New Banking Facility
ECO Animal Health Group plc, a leader in the development,
registration and marketing of pharmaceutical products for global
animal health markets, is pleased to announce that it has signed a
new bank facility agreement with its bank, National Westminster
Bank plc ("NatWest").
The new facility is a Revolving Credit Facility ("RCF") and will
provide for drawings of up to GBP10 million in flexible amounts and
repayment periods. The facility has a term expiring on 30 June
2026. The interest rate is 1.95% plus the Sterling Overnight Index
Average lending rate. Covenants, comprising customary leverage and
interest cover tests, are reported six monthly to NatWest,
co-incident with ECO's AIM financial reporting obligations.
The facility is in addition to the Company's pre-existing GBP5
million overdraft facility. Pre-existing security arrangements
support the new facility.
The RCF will provide structured working capital support. Whilst
it is not intended that the RCF will directly fund any elements of
the R&D programme, its existence will ensure that the ECO Group
will have the confidence to progress the new product development
programme and deal with working capital movements.
Christopher Wilks, Chief Financial Officer of ECO said: "I am
very pleased to have signed this facility with NatWest; it will
provide the flexibility to fund working capital movements in these
uncertain times and allow us to use our core cash generated from
operations to fund our exciting R&D projects."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR") as it forms part
of United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement
via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.
For further information please contact:
ECO Animal Health Group plc
David Hallas (CEO)
Christopher Wilks (CFO) 020 8447 8899
IFC Advisory
Graham Herring
Zach Cohen 020 3934 6630
Singer Capital Markets (Nominated Adviser
& Joint Broker)
Mark Taylor
George Tzimas 020 7496 3000
Investec (Joint Broker)
Gary Clarence
Brough Ransom 020 7597 5970
Carlo Spingardi
Peel Hunt LLP (Joint Broker)
Dr Christopher Golden
James Steel 020 7418 8900
Equity Developments
Hannah Crowe
Matt Evans 020 7065 2692
About ECO Animal Health
ECO Animal Health Group plc researches, develops and
commercialises products for livestock. Our business strategy is to
generate shareholder value by achieving the maximum sales potential
from the existing product portfolio whilst investing in Research
and Development ("R&D") for new products, particularly
vaccines, and seeking to in-license new products.
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END
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