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Silverdell plc ("Silverdell" or "the Group")
Confirmation of Banking Facilities
Further to the announcement of the acquisition of the business and certain assets of Kitsons Environmental Europe Limited ("Kitsons") by Euro Dismantling Services Limited ("EDS") on 24 July 2013, the Board is pleased to announce confirmation that it has reached agreement with its lending bank HSBC regarding the provision of an additional facility of £5 million. The new facility will be used alongside the Group's existing cash resources to satisfy the deferred consideration for the acquisition of Kitsons. The new facility will be reviewed on 31 January 2014.
EDS is currently in the process of novating Kitsons' customer contracts and site operations continue with minimal disruption.
The Group is currently assessing the impact of the administration on its trading performance and therefore the capital requirements of the business for the remainder of FY2013 and for FY2014 in order to work towards lifting the suspension from trading of the Group's shares.
Further announcements will be issued in due course.
ENQUIRIES:
Silverdell Plc | Tel: + 44 20 7389 6827 |
Sean Nutley, Group Chief Executive | |
Ian Johnson, Chief Financial Officer | |
FinnCap (Nominated Adviser and Broker) | Tel: + 44 20 7220 0500 |
Matt Goode (Corporate Finance) Ben Thompson (Corporate Finance) | |
Victoria Bates (Corporate Broking) | |
College Hill | Tel: + 44 20 7457 2020 |
Mark Garraway Helen Tarbet |
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