Hayward Tyler Group PLC Update on Order Intake (7386V)
February 01 2017 - 4:30AM
UK Regulatory
TIDMHAYT
RNS Number : 7386V
Hayward Tyler Group PLC
01 February 2017
1 February 2017
Hayward Tyler Group plc
Update on Order Intake
Update on Banking Facilities and Loan Notes
Senior Executive Hire
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the
specialist engineering Group, comprising the operating companies of
Hayward Tyler and Peter Brotherhood, today announces an update on
order intake growth, an update on the Group's banking facilities
and loan notes programme and a senior non board appointment.
Good Momentum on Order Intake
Hayward Tyler is pleased to announce that order intake has
continued to grow. At the end of December 2016, the increase in
order intake contributed to an increase in the order book to
GBP54.6m, a 14% increase from GBP48.0m at the end of September
2016. As previously highlighted the additional orders have come
from both the Hayward Tyler and Peter Brotherhood operating
businesses across the power generation, oil and gas and nuclear
sectors.
Update on Loan Notes Programme and Banking Facilities
On 14 November 2016 the Group announced that it had reached
agreement with its main bank, Royal Bank of Scotland (the "Bank")
to amend and restate the Company's multicurrency committed
borrowing facilities agreement (the "Revised Agreement"). The
amendments included a new repayment schedule including the
repayment of GBP0.6m on 31 December 2016, GBP3.0m on 31 January
2017 and GBP0.3m on 31 March 2017. The Group also announced its
intention to increase its secured loan note programme (the "Loan
Note Programme"), initially by GBP3.0m, in order to maintain a more
appropriate maturity profile on the Company's borrowings and repay
GBP3.0m of short-term borrowings due under the Agreement by 31
January 2017.
On 21 December 2016 the Group announced that it had raised
GBP2.1m (of the GBP3.0m required to be repaid to the Bank by 31
January 2017) following the closing of the 3(rd) issue of loan
notes pursuant to its Loan Note Programme and its intention to
conduct a further loan note issue in January 2017. The facility has
subsequently been reduced by GBP0.6m in accordance with the Revised
Agreement.
The Group is pleased to announce that it has received
expressions of interest in a subsequent Loan Note issue from a
number of sophisticated and high net worth investors amounting to
over GBP0.4m. The expressions of interest relate to a 1 year short
term note paying an interest rate coupon of 6.75% (the "New Loan
Note").
The Group continues to have a supporting relationship with the
Bank, which has now agreed to extend the repayment date of the
GBP3.0m short term borrowings under the Group's Revolving Credit
Facility due for repayment by 31 January 2017. Further updates
regarding the completion of the New Loan Note issue and the
repayment of the GBP3.0m short term borrowings will be made in due
course.
Senior Appointment
The Group is also pleased to announce that it has made the
senior appointment of Dr Colin Elcoate to the newly created non
board position of Chief Commercial Officer ('CCO'). Colin, who will
report directly to Ewan Lloyd Baker, CEO, will be responsible for
global commercial activity across the Group, a position that is
becoming more important with the focus on driving order intake.
Colin joins Hayward Tyler from ClydeUnion Pumps and has previously
held senior positions at Babcock and Rolls Royce. He is a Fellow of
the Institute of Mechanical Engineers and a nuclear expert with
over 25 experience. Hayward Tyler's corporate development will
undoubtedly benefit from Colin's considerable experience.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information:
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited-NOMAD and Broker +44(0)20 7220 0500
Matt Goode, Corporate Finance
Emily Watts, Corporate Finance
Tony Quirke, Corporate Broking
Lesmoir-Gordon, Boyle & Co. Ltd - loan note arrangers +44
(0) 20 7518 9892
Andrew Boyle
Angus Grierson
Buchanan Communications, Financial PR +44(0)207 466 5000
Charles Ryland
Chris Judd
Jane Glover
This information is provided by RNS
The company news service from the London Stock Exchange
END
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