Rockpool Acquisitions PLC Successful Refinancing of Greenview Gas Limited (5693E)
November 06 2020 - 10:14AM
UK Regulatory
TIDMROC
RNS Number : 5693E
Rockpool Acquisitions PLC
06 November 2020
Press release 6 November 2020
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Rockpool Acquisitions Plc
("Rockpool" or "the Company")
Refinancing of Greenview Gas Limited ("Greenview")
As reported in the Chairman's Statement included in the
Company's annual report for the year ended 31 March 2020, Greenview
has been in negotiations to refinance its existing debt facilities
("the Existing Debt") with ExWorks and one other lender. The Board
is pleased to be able to announce that the refinancing process has
been successfully completed. Greenview has now drawn down GBP4.5m
of debt from alternative lender BOOST&Co, which has allowed it
to fully refinance the Existing Debt and leave it with some
additional working capital. The new facility, which has been
provided under the government's CBILS programme amortises over a
period of 5 years. It carries an interest rate that is considerably
lower than the rate originally payable on the Existing Debt.
The new facility is secured by first ranking security over the
assets of Greenview and the over the assets of the active trading
subsidiaries of Greenview. Security previously created in favour of
Rockpool by certain of those companies is fully subordinated to and
ranks after the corresponding security in favour of the new lender
pursuant to the terms of a deed of priorities (which restricts any
enforcement of security by Rockpool subject to limited exceptions
whilst the new lender's security remains outstanding). The deed of
priorities provides that the proceeds from any enforcement of any
of the security is to be applied first in discharge of indebtedness
due to the new lender before application towards the Rockpool
indebtedness.
Greenview was advised on the funding by LGF Partners and legal
advice was provided by leading next generation City law firm,
McCarthy Denning.
Now that the refinancing has completed, the Board and the
management of Greenview will turn their attention to the timing of
the process of completing the acquisition of Greenview by the
Company and the preparation and submission for approval of a
prospectus allowing for Rockpool's shares to be readmitted to the
Official List.
The Board of the Company will update the market further as and
when necessary.
Ends -
For further information please contact:
Rockpool Acquisitions Plc
Mike Irvine, Non-Executive Director mike@cordovancapital.com
www.rockpoolacquisitions.plc.uk
Shard Capital (Broker)
Damon Heath / Erik Woolgar Tel: +44 (0)20 7186 9952
Abchurch (Financial PR)
Julian Bosdet Tel: +44 (0)20 4594 4070
julian.bosdet@abchurch-group.com
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END
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