Gusbourne PLC New Asset Based Lending Facilities and RPT (6017O)
02 6월 2020 - 3:01PM
UK Regulatory
TIDMGUS
RNS Number : 6017O
Gusbourne PLC
02 June 2020
2 June 2020
Gusbourne Plc
("Gusbourne", the "Company" or the "Group")
New GBP10.5 million Asset Based Lending Facilities and Related
Party Transactions
Gusbourne (AIM: GUS) is today pleased to announce that it has
entered into a GBP10.5 million asset-based lending facility with
PNC Financial Services UK Ltd ("PNC"). The new facility will be
used to refinance certain existing debts, provide additional
liquidity for the Company and to provide long term finance to the
Company at a competitive rate. The Company is also pleased to
announce part repayment of loans to related parties of the Company
and a term extension and a refinancing of the remaining related
party loans outstanding.
The PNC Asset Based Lending Facility
Gusbourne Estate Limited, a subsidiary of the Group, has entered
today into an agreement with PNC Business Credit a trading style of
PNC Financial Services UK Ltd for up to GBP10.5m of asset-based
lending facilities. (the "PNC Facilities"). The PNC Facilities will
primarily be used to provide working capital for the Group. It will
also be used to refinance certain existing loan facilities.
The PNC Facilities will be provided on a revolving basis over a
minimum period of 5 years and allow flexible drawdown and
repayments in line with the Company's working capital requirements.
The interest rate will be at the annual rate of 3 per cent over the
Bank of England Base Rate. The facilities will be secured by way of
first priority charges over the Company's inventory, receivables
and freehold property as well as an all assets debenture.
On completion the Company expects to drawdown approximately
GBP4.6m of the PNC Facilities with approximately GBP2.1m being used
to repay the existing secured Barclays bank facilities in full,
GBP1.3m will be used to repay a director loan and a shareholder
loan and GBP1.2m will be used for working capital. Further
drawdowns will be made from time to time in line with the needs of
the business.
The use of asset based lending is widely used by vineyards
across the world. The Directors believe that securing the PNC
Facility, especially during the current difficult Covid-19
environment, is an important milestone for the maturity of the
Gusbourne business and reflects the growth of the Company over the
past five years.
Related Party Transactions
The Company currently has related party loans outstanding with
Paul Bentham, a Non-Executive Director of the Company, and Lord
Ashcroft, a substantial shareholder in the Company, totalling
GBP3.5m including interest. This finance was provided by both
individuals through associated corporate vehicles to fund the
ongoing working capital requirements of the Company at a time when
limited alternative finance was available to the Group. As
Gusbourne grows and matures as a business, the independent
Directors of the Company, being those Directors who have not
provided loans to the Company, believe it is appropriate to re-pay
these loans at the earliest possible opportunity.
Of the GBP1.3m drawdown at completion to part repay certain
related party short term loans, GBP0.8m will be used to part repay
a short term loan of GBP1.25m received on 23 December 2019 from
Franove Holdings Limited ("Franove"), a company wholly owned by
Paul Bentham. A further GBP0.5m will be used to part repay a
short-term loan of GBP2.0m received on 31 May 2019 from a company
controlled by Lord Ashcroft. Both short term loans currently bear
interest at 15% per annum and are unsecured.
Following these repayments Franove has agreed to extend the
repayment date of its outstanding loan of GBP0.5m to 15 August
2021, at the same 15% rate of interest, with the loan becoming
secured behind PNC at the same ranking as the existing outstanding
bonds issued by the Company. The Company has also agreed with
Franove that in the event it seeks to repay its related party loans
further, the repayment of Franove will take priority.
The remaining Lord Ashcroft loan of GBP1.7m will be refinanced,
by a company controlled by him, with a new deep discount bond
maturing on 15 August 2021 and with a coupon of 15% per annum
rolled quarterly and secured behind PNC at the same ranking as the
existing outstanding bonds issued by the Company.
These variations to the loans, as set out above, constitute
related party transactions under Rule 13 of the AIM Rules. The
Directors of the Company (excluding Paul Bentham), having consulted
with Canaccord Genuity Limited in its capacity as the Company's
nominated adviser for the purposes of the AIM Rules, consider the
terms of the transaction to be fair and reasonable insofar as the
Company's shareholders are concerned.
Charlie Holland, Chief Winemaker and Chief Executive Officer
commented:
We are delighted to have secured significant asset-based
financing facilities from PNC and which aligns with the working
capital requirements of the business. We are pleased to welcome PNC
as a key stakeholder and look forward to working with them as we
continue to develop our business over the coming years.
For further information contact:
Gusbourne Plc
Charlie Holland +44 (0)1233 758 666
Canaccord Genuity Limited
Bobbie Hilliam
Georgina McCooke +44 (0)20 7523 8000
Note: This announcement and other press releases are available
to view at the Company's website: www.gusbourneplc.com
Note to Editors
Gusbourne PLC ("the Company") is engaged, through its wholly
owned subsidiary Gusbourne Estate Limited (together the "Group"),
in the production and distribution of a range of high quality and
award winning English sparkling wines from grapes grown in its own
vineyards in Kent and West Sussex. The majority of the Group's
mature vineyards are located at its freehold estate at Appledore in
Kent where the winery is also based.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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June 02, 2020 02:01 ET (06:01 GMT)
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