Corporate Update

RNS Number : 0577G

Sarantel Group PLC

31 May 2013

 

For immediate release

31 May 2013

Sarantel Group plc

("Sarantel" or the "Company")

Corporate update

Further to the announcements made on 29 May 2013, the Board of Sarantel ("Board") has received a letter of demand from Harris Corporation ("Harris"), for the immediate repayment by Sarantel of the secured HSBC loan facility of £2m (plus interest for the current quarter of approximately £17k) which has been fully drawn down by Sarantel. Security for the HSBC loan facility was provided by Harris, in return for which Sarantel Limited, inter alia, granted a debenture in favour of Harris which contains fixed and floating charges over the assets and undertaking of Sarantel Limited, including its intellectual property portfolio.

As a result of this demand, the Board has today filed a notice of intention to appoint an administrator to Sarantel Limited.

A further update will be provided in due course.

Enquiries:

Sarantel Group PLC	01933 670 560
David Wither, Chief Executive Officer   Nicola Malyon, Chief Financial Officer
Beaumont Cornish (Nominated Adviser)	020 7628 3396
Roland Cornish / Michael Cornish / Emily Staples
XCAP Securities PLC (Corporate Broker)	020 7101 7070
David Lawman / Jon Belliss

About Sarantel 

Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets. www.sarantel.com

 

END

 

 

MSCLLFVSETILVIV