TIDMFA.

RNS Number : 5523T

FireAngel Safety Technology Group

26 March 2021

26 March 2021

FireAngel Safety Technology Group plc

('FireAngel', the 'Group' or the 'Company')

CBILS loan application update

Further to its announcement of 25 January 2021, FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has secured additional bank funding under UK Government backed Coronavirus loan schemes.

On 22 June 2020, the Group announced that it had secured funding of GBP3.2 million through the Coronavirus Large Business Interruption Loan Scheme ('CLBILS') from its existing bank, HSBC UK (the "Existing Loan"). This loan supported the Group through the first lockdown and, in 4Q 2020, the Group began to engage HSBC UK for further support to meet the challenges of subsequent and rolling lockdowns.

As previously announced, the Group's revenue for the year ended 31 December 2020 is expected to be approximately GBP39.9 million. As the Group's revenue is now below GBP45.0 million, the Existing Loan (which will reduce to GBP2.0 million at the end of March 2021) has been refinanced under the Coronavirus Business Interruption Loan Scheme ("CBILS") with HSBC UK. The new loan of, in aggregate, GBP3.7 million ("New Loan") comprises a CBILS loan of GBP3.2 million and an additional Receivables Finance CBILS of GBP0.5 million. The New Loan, which will be used to pay off the balance of the Existing Loan, has a term of 6 years with the first year being free of interest and capital repayments and an interest rate thereafter of 3.99 per cent. over the Bank of England's base rate.

The timing of securing the New Loan has impacted completion of the audit of the Company's results for the year ended 31 December 2020 (the "Year"). As a result, the Company expects to release its audited final results for the Year during April 2021 instead of in late March 2021 as previously notified. A further announcement will be made in due course.

John Conoley, Executive Chairman of FireAngel, commented: "W hilst this process of stabilising the nature of Government support has taken longer than anticipated, the supportive stance of our bank over recent months has enabled the Group's return to growth in 4Q 2020, which has continued in 1Q 2021. Whilst our Scottish and EU markets are still subject to various restrictions, conditions are improving across all our markets, and this CBILS support underpins our ability to respond."

For further information, please contact:

 
 FireAngel Safety Technology 
  Group plc                           024 7771 7700 
 John Conoley, Executive Chairman 
 Jon Kempster, Interim Chief 
  Finance Officer 
 
 Shore Capital (Nominated adviser 
  and broker)                         020 7408 4050 
 Tom Griffiths/David Coaten 
 
 Houston (Financial PR)               0204 529 0549 
 Kate Hoare/Laura Stewart 
 

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative, leading-edge home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.

For further product information, please visit: www.fireangeltech.com

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FUREAKDSALAFEFA

(END) Dow Jones Newswires

March 26, 2021 03:00 ET (07:00 GMT)