SRT Marine Systems PLC GBP20m Increase to Medium Term Note Programme (8589Y)
May 10 2023 - 1:00AM
UK Regulatory
TIDMSRT
RNS Number : 8589Y
SRT Marine Systems PLC
10 May 2023
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.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
GBP20m Increase to Medium Term Note Programme Capacity
SRT Marine Systems plc ('SRT'), a global provider of maritime
domain awareness systems and technologies for security, safety and
environmental protection is pleased to advise that it has secured a
GBP20 million increase in capacity on its existing SRT Secured Note
Programme (the 'Programme'). This programme is arranged and managed
by LGB Capital Markets.
The Programme enables the issue of notes to LGB's private
investors with varying terms and provides SRT with a flexible
source of working capital. The increased headroom provides working
capital flexibility in anticipation of some significant new system
contracts in the future which have initial working capital
requirements during their first few months to fund equipment
purchases prior to first deliveries and subsequent receipt of
customer payments. Notes currently outstanding via the Programme
stands at GBP7.7m and the increase in capacity does not increase
SRT's debt outstanding. However, it will enable SRT to issue new
notes and refinance existing notes in future.
Simon Tucker, CEO of SRT Marine Systems, commented:
"The note programme is an excellent flexible source of working
capital for our business. With several pending new contracts, one
of which is very significant and subject to a recent LoI, we felt
it prudent to take early steps to secure a proven route for the
initial working capital requirements."
For further information, please contact:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@srt-marine.com
Louise Coates (Marketing Manager) louise.coates@srt-marine.com
finnCap Ltd (NOMAD & Broker)
Jonny Franklin-Adams / Teddy Whiley
(Corporate Finance) +44 (0) 20 7220 0500
Tim Redfern / Charlotte Sutcliffe (ECM)
About SRT Marine Systems plc:
SRT Marine Systems PLC is an established leader in the growing
global market for maritime domain awareness. We provide advanced
technologies, products and systems that enhance maritime safety,
security and environmental protection and sustainability. Our
customers range from governments to vessel owners around the
world.
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