Reach4Entertainment Enterprises PLC Banking Update (0100U)
19 October 2017 - 4:03AM
UK Regulatory
TIDMR4E
RNS Number : 0100U
Reach4Entertainment Enterprises PLC
18 October 2017
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").
18 October 2017
reach4entertainment enterprises plc
('r4e', 'the Company' or 'the Group')
Banking Update
r4e, the transatlantic media and entertainment company, provides
the following update on its banking facilities.
On 31 August 2017, the Company announced in a trading update
that due to a shift in revenues towards the end of the current year
and into 2018 this may result in a potential breach of the
monitoring covenants in the third quarter on its 3-year secured
asset based debt facility (the "Facility") with PNC Business Credit
("PNC"). The Company has now determined that the quarterly
monitoring covenants for the third quarter of this year have been
breached and has notified PNC.
Importantly, the Company still expects to be comfortably within
the banking covenants on the Facility for the full year and the
Directors of the Company understand that PNC remains fully
supportive of r4e. Furthermore, r4e and PNC are working towards a
formal waiver of the current breach being issued before the
Company's financial year-end 31 December 2017.
Enquiries:
reach4entertainment enterprises
plc
+44 (0) 20 7968
Marc Boyan, Chief Executive Officer 1655
Allenby Capital (Nominated Adviser +44 (0) 20 3328
and Broker) 5656
Jeremy Porter/James Reeve
Novella Communications (Financial +44 (0) 20 3151
PR) 7008
Tim Robertson/Toby Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
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