SRT Marine Systems PLC £10 million working capital facility (6388R)
25 September 2017 - 4:01PM
UK Regulatory
TIDMSRT
RNS Number : 6388R
SRT Marine Systems PLC
25 September 2017
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
GBP10 million working capital facility
SRT Marine Systems plc ('SRT'), the provider of maritime
tracking, management and surveillance technologies, products and
integrated system solutions for ports, waterways, fisheries and
coast guards, announces that it has agreed terms for the
establishment of a GBP10 million secured loan note programme to
provide a flexible source of working capital to support the growth
its maritime domain awareness (MDA) systems business and the
building of a satellite vessel monitoring system, OCEAN-SCAN
announced separately today, which will provide long range vessel
tracking data to MDA system customers and recurring revenues for
SRT.
The GBP10 million secured loan note programme has been arranged
by LGB Corporate Finance. The programme will enable SRT to issue
secured loan notes in series to meet the Company's financing
requirements flexibly as they arise. An initial issue of GBP2
million of secured loan notes, which was oversubscribed, has been
completed and the proceeds received by SRT. This programme can be
enlarged up to GBP10 million, at the Company's request. The secured
loan notes are expected to be listed on the Bermuda Stock Exchange
around 31 October 2017.
The loans will be secured and rank second to a senior secured
term facility with Barclays Bank, under which GBP750,000 is
currently outstanding. Each loan note may be repaid at any time
within their three year term with a 0.5% redemption fee and
annualised coupon of 9.5% payable on the outstanding amounts.
Simon Tucker, CEO of SRT Marine Systems, commented:
"This program provides SRT with a significant, flexible and
non-dilutive source of working capital that we can use as needed to
support our expansion plans. This enhances SRT's ability to
accommodate multiple simultaneous projects as well as the financial
security to expand our product development program, including the
commissioning of our new OCEAN-SCAN satellite system for long range
tracking and detection of vessels that will generate a new
recurring revenue source from our projects from 2019."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please
contact:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761
409500
Simon Tucker (CEO) simon.tucker@srt-marine.com
Louise Coates (Marketing Manager) louise.coates@srt-marine.com
finnCap Ltd
Jonny Franklin-Adams / Simon +44 (0) 20 7220
Hicks (Corporate Finance) 0500
Emily Morris / Camille Gochez
(Corporate Broking)
About SRT Marine Systems plc:
SRT develops, manufactures and supplies maritime vessel tracking
technology and turn-key system solutions to marine stakeholders
across the globe with a particular expertise in AIS. The Company's
products and solutions are used by individual vessel owners, port
authorities, maritime infrastructure owners, coast guards and
national security agencies to enhance their maritime domain
awareness. Applications include the tracking of commercial and
leisure vessels; sustainable fishery; anti-collision; search and
rescue; waterway management, port and coast security; pollution
management; and environmental management.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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