Sprue Aegis plc Update re DA Termination, Notice of Results & RCF (3954L)
19 April 2018 - 4:01PM
UK Regulatory
TIDMSPRP
RNS Number : 3954L
Sprue Aegis plc
19 April 2018
19 April 2018
Sprue Aegis plc
("Sprue" or the "Company")
Update re DA Termination Notice and final results
and
Revolving Credit Facility
Further to its announcement of 23 March 2018, Sprue (AIM: SPRP),
one of Europe's leading developers and suppliers of home safety
products, provides the following update.
The Company continues to take legal advice, and is in
communication with BRK, with regard to the Termination for Breach
Notice, the allegations made by BRK and its position. The Company
disputes the allegations made by BRK. A further announcement will
be made in due course.
The gross book value of the disputed stock of unsold BRK
products was GBP4.3m as at 31 March 2018. Whilst discussions with
BRK continue, the Company is unable to confirm the expected date
for release of its audited final results for the year ended 31
December 2017. A further announcement will be made in due
course.
The Company announces that in late January 2018, it entered into
a committed 3 year revolving credit facility with HSBC Bank plc for
GBP7.0 million to fund the Company's working capital. On 29 March
2018, the Company drew down GBP3.0 million of this facility.
Defined terms used in this announcement have the same meaning as
those in the Company's announcement of 23 March 2018.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
Sprue Aegis plc 02477 717700
Graham Whitworth, Executive Chairman
Neil Smith, Group Chief Executive
Stockdale Securities 020 7601 6100
Tom Griffiths
Vigo Communications 020 7830 9700
Jeremy Garcia / Fiona Henson
Notes to Editors
About Sprue Aegis plc
Sprue's mission is to protect, save and improve our customers'
lives by making innovative, leading edge technology simple and
accessible. Sprue is one of the market leaders in the European home
safety products market and launched its own connected homes product
proposition at the end of 2016.
Sprue's principal products are smoke alarms, CO alarms and
accessories. The Group has an extensive portfolio of patented
intellectual property in Europe, the US and other selected
territories. Products are sold under Sprue's leading brands of
FireAngel, FireAngel Pro, FireAngel Spec, AngelEye and FireAngel
Connect.
For further product information, please visit: www.sprue.com
This information is provided by RNS
The company news service from the London Stock Exchange
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