Extension of Shareholder Loan

RNS Number : 9077Z

Hornby PLC

28 January 2022

 

28 January 2022

Extension of Loan Facility

Phoenix UK Fund Limited, the Company's subordinated lender, has agreed an extension to the term its existing secured credit facility (the "Facility") of £9 million to 31 December 2023. Other than the extension to the loan term, the terms of the Facility remain unchanged. All advances made under the Facility become due and payable in December 2023 with interest charged at 5 per cent. plus SONIA on funds drawn and the higher of 1 per cent. or SONIA on undrawn funds.

The Company will have the option to draw down on these funds to capitalise on the positive momentum in the business and increase investment in our future development plans.

Related Party Transaction

Phoenix Asset Management Partners Limited ("PAMP") is interested in 124,634,330 ordinary shares of 1 pence each in the Company, representing 74.66 per cent. of the issued share capital of Hornby. Given that PAMP manages Phoenix UK Fund Limited, a substantial shareholder in the Company, the extension of the Facility is a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Independent Directors consider, having consulted with Liberum Capital Limited, the Company's nominated adviser, that the increase in the length of the Facility and its terms are fair and reasonable insofar as the Company's shareholders are concerned.

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Enquiries:

Hornby plc

Lyndon Davies, Exec Chairman  01843 233 500

Kirstie Gould, CFO

Liberum Capital Limited, Nominated Advisor and Broker

Andrew Godber    020 3100 2222

Edward Thomas

 

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