Distribution Finance Cap. Hldgs PLC Waiver Extension and Bank Licence Update (4956I)
April 02 2020 - 1:00AM
UK Regulatory
TIDMDFCH
RNS Number : 4956I
Distribution Finance Cap. Hldgs PLC
01 April 2020
1(st) April 2020
Distribution Finance Capital Holdings plc
("DFC" or the "Company" or together with its subsidiaries the
"DFC Group")
Waiver Extension and Bank Licence Update
On 4 November 2019, the Company announced that it had approached
its senior and senior mezzanine facility lenders (the "Lenders") to
seek a waiver of an early amortisation provision in its funding
facilities ("Facilities") triggered by the departure of the CEO.
Subsequently, on 23rd December 2019, the Company announced that
each Lender had granted a waiver, subject to certain terms and
conditions, and continued review of the Facilities during the first
quarter of 2020, and in particular, progress concerning the
appointment of a permanent CEO, the obtaining of a banking licence
and the continued performance of the book.
On 5 February 2020, the Company announced the appointment of a
new permanent CEO (Carl D'Ammassa) and that the bank licence
process was ongoing. Since that time, the appropriate SMR
application has been submitted to the relevant regulatory
authorities, who, despite COVID-19, continue to consider it as part
of the overall banking licence process.
The Company had been in constructive discussions with the
Lenders over the first quarter with a view to agreeing a permanent
amendment to the Facilities, and to thereby remove the need for
further waivers going forward. However in light of the evolving
COVID-19 crisis and in particular the need for the Company's future
facilities to respond flexibly to the emerging market environment
and customer needs, the Company has requested the umbrella of a
further waiver period until 30 June 2020 to continue discussions
over the longer term shape of the Facilities. Accordingly, the
Lenders have agreed to an extension of the current waiver, whilst
discussions over the further waiver period to 30 June 2020 continue
over the next few weeks. The Company will make further updates as
appropriate.
Enquiries:
Distribution Finance Capital Holdings plc
Carl D'Ammassa - Chief Executive Officer +44 (0) 20 3937
6390
http://www.dfcapital-investors.com
Macquarie Capital (Europe) Limited (NOMAD and broker)
Alex Reynolds +44 (0) 20 3037 2000
Jonny Allison
Blue Pool Communications (Financial PR)
Nick Lord +44 (0) 7501 271 083
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END
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