Extension of Banking Facility
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
TEKMAR GROUP PLC
("Tekmar Group", the "Company" or the "Group")
Extension of Banking Facility
Tekmar Group plc (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces it has agreed with Barclays Bank PLC ("Barclays") an extension of its existing trade loan facility to at least July 2023, aligning with the annual review date of the banking facilities. The extension of the trade loan maintains a facility of up to £4.0m which can be drawn against supplier payments and is provided with support from UK Export Finance. The extension of the trade loan, together with the extension of the CBILs term loan facility announced on 10 October 2022, completes the renewal of the Group's existing facility and financing arrangements.
Enquiries:
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Tekmar Group plc Alasdair MacDonald, CEO Derek Bulmer, CFO
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+44 (0)1325 349 050 |
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Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson / Rachel Hayes
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+44 (0)20 7496 3000 |
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Berenberg (Joint Broker) Chris Bowman / Ben Wright / Ciaran Walsh
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+44 (0)20 3207 7800 |
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Bamburgh Capital Limited (Media & Investor Relations) Murdo Montgomery
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+44 (0) 131 376 0901
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The person responsible for arranging the release of this announcement on behalf of the Company is Alasdair MacDonald, Chief Executive Officer.
About Tekmar Group plc
Tekmar Group plc (LON: TGP) collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world's energy transition.
Through our Offshore Energy and Marine Civils Divisions we provide a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure. With near 40 years of experience, we optimise and de-risk projects, solve customers' engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology.
We have a clear strategy focused on strengthening Tekmar's value proposition as an engineering solutions-led business which offers integrated and differentiated technology, services and products to our global customer base.
Headquartered in Darlington, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.
For more information visit: www.tekmargroup.com
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