TLA Worldwide PLC Agreement with SunTrust Bank (7113D)
October 11 2018 - 1:44AM
UK Regulatory
TIDMTLA
RNS Number : 7113D
TLA Worldwide PLC
11 October 2018
11(th) October 2018
TLA Worldwide plc
("TLA" or "the Group")
Agreement with SunTrust Bank
Further to the announcement on 28 September 2018, TLA Worldwide
plc (AIM: TLA), a leading athlete representation and sports
marketing business, is pleased to announce that it has reached an
agreement with SunTrust Bank to provide additional working capital
headroom through deferment of principal and interest payments
together with the waiver of covenants.
The provision of additional funding headroom by SunTrust Bank
provides TLA with sufficient working capital and as such TLA does
not need to undertake an external fundraise in the immediate
future. As stated on 24 September, the strategic review, led by
Executive Chairman Ian Gray, is well underway and FTI Capital
Advisors have been appointed to assist the Company in the process
of selling its US business.
Ian Gray commented "We are pleased to have come to a positive
resolution with SunTrust Bank. They have been extremely supportive
partner and we continue to work closely with them. With this
resolved, we can now push ahead with finalising the strategic
review and focus on the business."
Enquiries:
TLA Worldwide
Ian Gray, Executive Chairman +44 20 7618 9100
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Numis Securities
Nick Westlake and Oliver Hardy (Nomad) +44 20 7260 1000
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Christopher Wilkinson (Broker)
-----------------
Luther Pendragon
Harry Chathli, Alexis Gore +44 20 7618 9100
-----------------
About TLA
TLA is a leading athlete representation, sports marketing and
event management group quoted on London's AIM. The Group derives
revenues from long term agency relationships with many prominent US
and international sports stars, broadcasters and media
personalities associated with major sports including the MLB, NFL,
NBA, PGA TOUR, AFL, Olympians and cricketers. In addition, it also
provides a range of services in respect of media consultancy,
sports sponsorship and event creation and ownership. With over 170
full-time personnel, TLA serves its clients from 10 locations
worldwide including its offices in London, UK; New York, Newport
Beach, Houston, Charleston, San Francisco, USA; Melbourne, Perth,
Adelaide and Sydney, Australia. For more information, please visit
www.tlaworldwide.com.
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END
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