Circular Publication and Notice of General Meeting

RNS Number : 8737W

Focusrite PLC

13 December 2019

 

Strictly embargoed until 14.00: 13 December 2019

Focusrite plc

("Focusrite" or "the Group")

Circular Publication and Notice of General Meeting

Focusrite plc (AIM: TUNE), the global music and audio products company supplying hardware and software used by professional and amateur musicians, today announces that a circular will be sent to shareholders shortly, convening a general meeting to be held at the registered office of Focusrite plc (Windsor House, Turnpike Road, High Wycombe, HP12 3FX) at 10.00 hours on 30 December 2019 (the "General Meeting").

The strategy of the Group has long been to expand into related markets, both organically and via acquisitions. As at 31 August 2019, the Group had net cash of £14.9 million and a committed revolving credit facility of £10 million. The Articles of Association of Focusrite (the "Articles"), as drafted upon the creation of the Focusrite plc entity in 2014, effectively limits the borrowings to a maximum of £15 million. This limits the ability of the Group to make material acquisitions funded by debt. Therefore, the General Meeting consists of a single resolution to allow the Directors to borrow up to £60 million. This would represent an upper limit and any borrowings would also be subject to market standard leverage conditions as agreed with the banks. It is expected that there will be a more formal review of the Articles during 2020.

A copy of the circular convening the General Meeting will be available on Focusrite's website at www.focusriteplc.com.

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Enquiries:

Focusrite plc:                                                                                                        [phone]

Tim Carroll (CEO)               

Jeremy Wilson (CFO)         

Panmure Gordon (Nominated Adviser and Broker)                                     [phone]

Freddy Crossley / Alina Vaskina

Erik Anderson

Belvedere Communications                                                                              [phone]

John West            

Llew Angus           

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Notes to Editors

Focusrite plc is a global music and audio products group that develops and markets proprietary hardware and software products. Used by recording professionals and musicians alike, its solutions facilitate the high-quality production of recorded and live sound. The Focusrite Group trades under five established brands: Focusrite, Focusrite Pro, Novation, Ampify and ADAM Audio.

With a high-quality reputation and a rich heritage spanning decades, its brands are category leaders in the music-making and audio recording industries. Focusrite and Focusrite Pro offer audio interfaces and other products for recording musicians, producers and professional audio facilities. Novation and Ampify products are used in the creation of electronic music, from synthesisers and grooveboxes to industry-shaping controllers and inspirational music-making apps.  ADAM Audio studio monitors have earned a worldwide reputation based on technological innovation in the field of studio loudspeaker technology.

The Focusrite Group has a global customer base with a distribution network covering approximately 160 territories. Focusrite is headquartered in High Wycombe, UK, with marketing offices in Los Angeles and Hong Kong.  ADAM Audio has offices in Berlin, Nashville and Dongguan. Focusrite plc is traded on the AIM market, London Stock Exchange.

 

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