Banking Update

RNS Number : 1088T

Artisan (UK) PLC

30 November 2011

 



30 November 2011

Artisan (UK) plc

("Artisan" or the "Company")

Banking update

As previously announced, Artisan's banking facilities expired on 1 July 2011, at which time the Company's lender granted a 3 month extension and then a further 2 month extension to those facilities in order to provide additional time to complete a required valuation exercise and conclude the negotiation and documentation of the new facility.

This process is still ongoing and accordingly the lender has agreed to extend the facilities by a further 2 months in order to complete the process of entering into the new facility.

The valuation work and a security review have been completed and we are well advanced in negotiating new terms.  Our lender remains supportive of the Company and the negotiations are proceeding in a cooperative and positive manner.

Whilst the Directors are confident that new facilities can be agreed, it is now expected that this would require an injection of new equity or similar.

Enquiries:

Artisan (UK) plc Chris Musselle	Tel: [phone]
Altium Adrian Reed Adam Sivner	Tel: [phone]
Bankside Consultants - Financial PR advisers Simon Rothschild	Tel: [phone]

 

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