SpaceandPeople PLC Completion of Bank Refinancing
RNS Number : 3969N
29 January 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
(the 'Group' or 'SpaceandPeople')
Completion of Bank Refinancing
SpaceandPeople (AIM:SAL), the retail, promotional and brand
experience specialist which facilitates and manages the sale of
promotional and retail merchandising space in shopping centres and
other high footfall venues, is pleased to announce that the Group
has renewed and extended its banking facilities with Santander.
This involved the replacement of the Group's existing GBP1.0
million Revolving Credit Facility ("RCF") with a GBP1.0 million
CBIL scheme term loan. This loan is for a six-year duration, with
no repayments or interest due in the first year, followed by
repayments in years two to six with the final GBP0.5 million
repayable at the end of the sixth year. The RCF that this replaces
was due to be repaid in October 2021.
Additionally, the Group's annual overdraft facility of GBP0.25
million has been replaced with three-year CBIL scheme overdraft
facilities of GBP0.75 million which increases the Group's cash
The Group's existing GBP1.0 million CBIL scheme five-year term
loan, agreed in 2020, remains in place.
As at 31 December 2020, the Group's unaudited cash and working
capital headroom were GBP0.8 million and GBP1.3 million
respectively. These new facilities effectively provide an immediate
additional GBP0.5 million of working capital headroom.
Gregor Dunlay, CFO of SpaceandPeople, commented:
"This additional funding and extended terms will facilitate the
Group being able to recover quickly from the current period of
restrictions whilst continuing to meet all of its financial
obligations with improved cash headroom."
SpaceandPeople Plc 033 33 401 500
Nancy Cullen, Gregor Dunlay
Zeus Capital Limited (Nominated Adviser and Broker) 020 3829 5000
David Foreman, Jamie Peel, Rishi Majithia
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(END) Dow Jones Newswires
January 29, 2021 07:05 ET (12:05 GMT)