Banking Update

RNS Number : 3252P

Artisan (UK) PLC

30 September 2011

 



30 September 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 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 Company has continued negotiations in relation to obtaining the new facility and the required valuation work and security review have progressed significantly but are not yet concluded. The final pricing as outlined in our previous announcement of 1 July 2011 remains dependent on the outcome of these valuations. Our lender remains supportive of the Company and the Company is confident a successful conclusion to these negotiations can be reached.

In addition the Company has an investment property facility on which the drawn amount has now been reduced to £927,649 following the sale of our investment unit at St Neots, Cambridgeshire, as announced on 24 August 2011. It is proposed that this investment property facility will also be extended commensurate with the new facility above.

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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