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Toye & Co PLC (TOYE)

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Wednesday 09 July, 2014

Toye & Co PLC

Variation Agreement re: 19-21 Great Queen Street

RNS Number : 7872L
Toye & Co PLC
09 July 2014
 



TOYE & COMPANY PLC

(AIM: TOYE)

Variation Agreement re: 19-21 Great Queen Street

Toye & Co plc ("Toye" or the "Company"), the manufacturer of military and masonic regalia, medals, badges and related textiles, announces that it has successfully negotiated a variation to the disposal agreement in relation to the Company's property at 19-21 Great Queen Street (the "Property") entered into with Stability Investments Limited (the "Developer") and approved by Shareholders in February 2013. 

Under the terms of the variation the completion date for the sale of the Property has been extended from 28 July 2014 to 30 January 2015.  In addition the loan facility agreement agreed with the Developer has been increased from £2.5m to £2.75m.  The balance of this loan facility not drawn down is £0.75m which will now be drawn down on 28 July 2014.  Finally the clause in the original agreement that would, having satisfied certain criteria, see the basic sale price of the Property increase by £0.5m has been extended to 19 December 2014.

There has therefore been no change to the overall consideration to be received in respect of the Property and no further interest will be payable on the loan from 28 July 2014.

The Company intends to use the balance of the loan facility to fund additional capital expenditure requirements and the working capital needs of the business.

 

Contacts:

 

 

 

Toye & Company plc

www.toye.com

Fiona Toye, Chief Executive

+44 (0) 20 7242 0471

 

 

WH Ireland Limited

www.wh-ireland.co.uk

Mike Coe, Ed Allsopp

+44 (0) 117 945 3470

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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