PPP2 Loan Received

RNS Number : 8391T

Bonhill Group PLC

29 March 2021

 

29 March 2021

Bonhill Group plc

("Bonhill", the "Company" or the "Group")

PPP2 Loan Received

Bonhill Group plc (AIM: BONH), a leading B2B media business specialising in three key areas: Business Information, Events and Data & Insight, announces that its wholly owned subsidiary, Bonhill Group Inc., has received loans totalling $1.3 million under the US Small Business Administration's second Paycheck Protection Program ('PPP2') which is part of the Coronavirus Aid Relief and Economic Security Act ('CARES Act'). 

As was the case with the PPP loan of $1.1 million received by Bonhill Group Inc. in May 2020, the PPP2 loan, or a portion of the loan, may be forgivable if the proceeds of the loan are used for eligible purposes, including employee retention and payroll. As announced on 5 January 2021, the PPP loan received by Bonhill Group Inc. in May 2020 was forgiven in full.

The Board currently expects that, based on prior experience, a significant proportion of the PPP2 loan will be eligible for forgiveness in the Company's financial year ending 31 December 2021 ("FY 2021"). The Group's guidance on revenue and EBITDA for FY 2021, as set out in its audited final results for the year ended 31 December 2020, which were released on 24 March 2021, excludes the impact of any Government support such as PPP2 loan receipts or forgiveness. Receipt of the PPP2 loan adds additional liquidity to the Group's current cash position which as at 28 February 2021 stood at £1.6 million.

For further enquiries please contact:

Bonhill Group plc	[phone]
Simon Stilwell, Chief Executive Sarah Thompson, Chief Financial Officer
Shore Capital (Nominated Adviser and Joint Broker)	[phone]
Tom Griffiths/David Coaten (Corporate Advisory)
Canaccord Genuity Limited (Joint Broker) Bobbie Hilliam Georgina McCooke	[phone]
Houston (PR Adviser) Alexander Clelland Polly Fairbank	[phone]

About Bonhill Group plc

Bonhill Group plc is a leading, AIM-quoted, B2B media company providing Business Information, Events and Data & Insight propositions to Financial Services, Diversity and Technology business communities in 25 countries. Bonhill operates fifteen information websites, publishes three regular print titles, hosts 120 events per annum, offers a portfolio of data & analytics propositions and provides a range of content marketing solutions.

The business creates content, sales and marketing opportunities, networking events and transactional opportunities for its audiences of entrepreneurs, business owners and managers, CTOs & technology leaders, asset & wealth managers, and professional women, in addition to its sponsors, advertising clients and customers. Flagship brands include: InvestmentNews, Portfolio Adviser, Fund Selector Asia, What Investment, SmallBusiness.co.uk, GrowthBusiness.co.uk, Information Age, Women in… events series, and DiversityQ.

For more information visit www.bonhillplc.com.

 

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