BANKING FACILITIES RE-STRUCTU

RNS Number : 2037U

Artisan (UK) PLC

19 June 2009

ARTISAN (UK) PLC

BANKING FACILITIES RE-STRUCTURED

London, 19 June 2009: Artisan (UK) plc ('Artisan' or 'the Group'), the AIM listed house builder, commercial property developer and property investor, announces re-structured banking facilities.

We can announce today the renegotiation of the Group's Revolving Credit loan facilities has been successfully completed, with term of loan extended from 1 July 2010 to 1 July 2011 and the covenants restructured.

The secured revolving credit bank loan provides the funding for the Group's development activities

Key points to note are

Overall facility now £25m net, (was £30m net)
The facility is split between LIBOR and base rate sub facilties
Offset allowed against credit balances
Interest now at a 2.25% over LIBOR and/or 3.25% over base
Term extended from 1 July 2010 to 1 July 2011
Loan to cost reduced to 70% (was 75%) for existing residential WIP
Loan to cost reduced to 65% (was 70%) for new residential WIP
Commercial funding remains at 60% loan to cost
Interest to profit covenant removed
A new cash receipts to cash payments ratio of 1 : 1 introduced
Other covenants set in line with the forecasts produced by management

The Group also has a £4.46m investment property facility which expires on 30 June 2012. The Loan to Value funding is to be reduced to 70% (was 85%). This loan is provided to fund the Group's investment properties and the drawn balance of £4.3m will be shortly reduced to £3.17m to reflect the reduction in carrying value of the investment properties as reflected in the 31 December 2008 Interim Accounts and the reduced funding percentage.

The cash head room arising from the ability to borrow greater funds than required for working capital has allowed the group to fund the trading losses that have been incurred and provide resources going forward in the difficult trading conditions that continue to pervade in the market. The funding has also allowed the principal debt funder to reduce debt levels and funding ratios to levels suitable for the current market conditions.

For further information please contact:

Artisan (UK) plc

Chris Musselle

Chief Executive

01480 436666

email@artisan-plc.co.uk

Brewin Dolphin Investment Banking Andrew Kitchingman

Sean Wyndham-Quin

Nominated advisers

0845 213 4730

Bankside Consultants

Simon Rothschild