Bank Covenant Agreement

RNS Number : 3961Y

Surgical Innovations Group PLC

08 September 2015

 

Surgical Innovations Group plc

(the "Company" or the "Group"))

Bank Covenant Agreement

Further to the announcement on 30 June 2015, the Board has been in discussions with Yorkshire Bank (the "Bank") in relation to resetting the profitability covenant connected to the term loan from the Bank.  The covenant was previously set at EDITDA (earnings before interest, tax, depreciation and amortisation) of a minimum of £600,000 for the year ending 31 December 2015 (the "EBITDA covenant"). 

The Board announces that the Company has reached agreement with the Bank and that the EBITDA covenant has been reset at a loss of £100,000 for the year ending 31 December 2015.  Furthermore, the Company and the Bank are planning to negotiate revised financial covenant levels for each of the quarter periods following 31 December 2015.

ENDS

For further information, please visit www.sigroupplc.com or contact:

Enquiries:

Surgical Innovations Group Plc 

Doug Liversidge, CBE

Non-Executive Chairman

Tel: [phone]

WH Ireland Limited (Nominated Adviser and Broker)

Tim Feather / Liam Gribben

Tel: [phone]

 

END

 

 

AGRSSSSUAFISELU