Premier Veterinary Group PLC Confirmation of Funding (2164B)
29 January 2020 - 6:00PM
UK Regulatory
TIDMPVG
RNS Number : 2164B
Premier Veterinary Group PLC
29 January 2020
Premier Veterinary Group PLC
("PVG", the "Company" or the "Group")
Confirmation of Funding
London, UK, 29 January 2020 - Premier Veterinary Group PLC (LSE:
PVG) confirms that as set out in the announcement made on 23
December 2019 it has agreed with Bybrook Finance Solutions Limited
("BFSL" a company of which Rajan Uppal, a director of PVG, is the
sole director and Shareholder) to amend the facility agreement
dated 25 January 2019 relating to a loan of GBP3.85m by (i) rolling
up the monthly interest payments due to BFSL and applying interest
on a compound basis calculated at the end of each month; and (ii)
extending the repayment date of the loan (and accrued interest)
from 25 January 2021 to 31 July 2021.
On 28 January 2020 PVG entered into a further agreement with
BFSL to provide an additional secured loan facility of GBP1.1m. The
first tranche of GBP0.6m was drawn on 29 January 2020 with two
further tranches of GBP0.25m each available for draw down at PVG's
request on 22 May 2020 and 24 July 2020. These further tranches can
only be drawn by PVG if on or before 30 April 2020 it has issued
BFSL with warrants to subscribe for up to 383,673 new PVG ordinary
shares of 10p each at an exercise price of 10p per share within 5
years of the issue of any such warrants.
Interest of 1% per month accrues on the loan facility on a
monthly compound basis and is added to the total loan amount.
The total loan together with accrued interest is repayable on 30
April 2020 with an option for PVG to extend the repayment date to
31 July 2021 by issuing the warrants referred to above.
The loan will be utilised by PVG to fund the Group's working
capital requirements including the payment of a GBP100,000
arrangement fee payable to BFSL.
As disclosed at the time of the reverse acquisition of Ark
Therapeutics Group plc by Premier Vet Group Limited, which
completed in February 2015, Rajan Uppal, Dominic Tonner (Chief
Executive Officer of PVG) and BFSL were deemed to be acting in
concert for the purposes of the Takeover Code. Should the warrants
be issued and subsequently exercised, this may trigger the
requirement for a mandatory offer to be made to all shareholders in
PVG under Rule 9 of the Takeover Code. As a consequence, PVG may
apply to the Takeover Panel to seek shareholder approval for a Rule
9 waiver prior to the date on which any warrants would be
issued.
Full Year Results year ended 30 September 2019
As announced on 23 December 2019 full year results for year
ended 30th September 2019 will be released on 31st January
2020.
For further information, please contact:
Premier Veterinary Group Tel: +44 (0)117 970 4130
plc
Dominic Tonner, Chief Executive
Officer
Andy Paull, Chief Financial
Officer
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by,
followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims",
"intends", "will", "can", "may", "anticipates", "would", "should",
"could" or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result
of these factors, readers are cautioned not to rely on any
forward-looking statement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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