Update on US Paycheck Protection Program loan

RNS Number : 5157K

Bonhill Group PLC

05 January 2021

 

5 January 2021

Bonhill Group plc

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

Update on US Paycheck Protection Program loan

On 29 May 2020, Bonhill Group Plc (AIM: BONH), a leading B2B media business specialising in three key areas: Business Information, Events and Data & Analytics, announced that it had received a loan as part the US Paycheck Protection Program ("PPP"). This loan, amounting to $1.1m, was made to protect US jobs and, provided the Company used it for employee retention, payroll and other eligible purposes, it could make an application for the PPP loan to be forgiven, thereby converting it into a grant.

In its interim results announcement released on 15 September 2020, the Company stated that "The PPP loan is expected to be fully forgiven and converted to a grant in Q4 2020 once the application process is opened by the lending bank". The application for forgiveness was made by the Company in November 2020. The Company is pleased to announce that, according to the lending bank's administration portal, the PPP loan was fully forgiven in late December 2020.

The result of this successful application has no impact on, and does not change, the Company's previous expectations for the outturn for the year ended December 2020. The Company expects to announce its pre-close update for the year ended December 2020 in mid-January 2021.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

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
Canaccord Genuity Limited (Joint Broker) Bobbie Hilliam Adam James Georgina McCooke	[phone]
Houston (PR Adviser)  Alexander Clelland	[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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