CEPS Ceps Plc

TIDMCEPS

RNS Number : 6331V

CEPS PLC

15 April 2021

15 April 2021

CEPS PLC

("CEPS" or the "Company")

Hickton Group Limited - Coronavirus Business Interruption Loan

The Board of CEPS announces that Hickton Group Limited ("HGL"), the Company's 54.7% subsidiary, has entered into a four-year GBP500,000, secured Coronavirus Business Interruption Loan ("CBIL") with Santander UK plc. The CBIL attracts an annual interest rate of 3.8% over Bank of England base rate, commencing on the date of drawdown of the CBIL. The CBIL is secured by means of a debenture over all of the assets and undertakings of HGL, including all associated subsidiaries. As such, the existing intercreditor deed dated 11 March 2020 containing debentures and guarantees given by HGL and its subsidiaries in favour of Santander UK, has been amended to include the recently acquired subsidiaries Millington Lord Ltd, Morgan Lambert Limited and Qualitas Compliance Limited

The CBIL proceeds will be received by HGL on 15 April 2021 and will be utilised for general corporate purposes. The CBIL is repayable in 11 consecutive equal quarterly payments commencing approximately 12 months after drawdown with a further final payment of the same amount being payable on expiry of the CBIL ("Payment Dates"). Accrued interest on the CBIL is also repayable on each Payment Date. The quantum of the repayments may be increased in order to repay the CBIL faster subject to certain conditions.

The CBIL agreement contains a number of ongoing obligations, financial covenants, confirmations and undertakings which are usual for an agreement of this nature which HGL and, where appropriate its subsidiaries, must comply with to prevent triggering an event of default whereby the CBIL or any part of it could be cancelled or called in for immediate repayment.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this announcement.

Enquiries:

 
 CEPS PLC 
  Vivien Langford, Group Finance 
  Director                            +44 1225 483030 
 Cairn Financial Advisers LLP 
  James Caithie / Sandy Jamieson 
  / 
  Ludovico Lazzaretti                 +44 20 7213 0880 
 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors .

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April 15, 2021 09:22 ET (13:22 GMT)

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