The People's Operator PLC Amendment to Bank Facilities (3988D)
January 31 2018 - 1:00AM
UK Regulatory
TIDMTPOP
RNS Number : 3988D
The People's Operator PLC
31 January 2018
The People's Operator plc
("TPO", the "Company" or the "Group")
Amendment to Bank Facilities
The People's Operator (AIM: TPOP), the cause-based commercial
mobile virtual network operator, is pleased to announce that is has
successfully agreed a Letter of Variation (the "Letter") with
Barclays Bank plc (the "Lender") covering its existing Funding
Agreement (the "Agreement").
Background
On 30 September 2016 the Company announced that it had entered
into an Agreement with the Lender for a loan for the sum of
GBP1,000,000, repayable in one tranche on 10 July 2018.
Letter of Variation
The Company has now received confirmation that following
analysis of the Company's new business plan and the successful fund
raising being approved at a General Meeting of the Company on 22
December 2017, the Lender has agreed an extension of the loan
period and a revision of the repayment terms. The loan will now be
repayable in four instalments at quarterly intervals beginning on
31 January 2020.
Michael Butler, Non-Executive Chairman of the Company,
commented:
"We are delighted that Barclays Bank has demonstrated its
confidence in the long-term prospects of The People's Operator. The
renegotiation of the timetable for repayment of the loan will
enable us to concentrate our resources on our renewed marketing
initiatives and continue with our strategy of adding long-term
subscribers who share our passion for good causes."
The Company confirms that it currently has no other loans or
other long-term liabilities on its balance sheet.
For further information
The People's Operator plc
Nick Dashwood Brown, Head of Investor
Relations 07710 511259
finnCap Ltd 020 7220
Stuart Andrews / Simon Hicks 0500
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCWGUPGGUPRGRU
(END) Dow Jones Newswires
January 31, 2018 02:00 ET (07:00 GMT)
Peoples Op (LSE:TPOP)
Historical Stock Chart
From Apr 2024 to May 2024
Peoples Op (LSE:TPOP)
Historical Stock Chart
From May 2023 to May 2024