TIDMCHRT

RNS Number : 8781S

Cohort PLC

19 July 2022

19 July 2022

COHORT PLC

("Cohort" or "the Group")

Cohort plc extends banking facility

Cohort plc, the independent technology group, announces that it has completed a renewal of its banking facility. The new and increased facility is for a total of GBP50m and runs for three years to July 2025, with options to extend it for a further two years to July 2027.

The terms are broadly similar to those of the previous GBP40m facility, which was due to expire in November 2022. The new facility provides for an initial GBP35m to be drawn with an option (accordion) for a further GBP15m. The syndicate of banks providing the facility has also been extended with the addition of Commerzbank to NatWest and Lloyds.

Simon Walther, Cohort Finance Director, said:

"The facility provides the Group with a flexible arrangement to draw down for acquisitions and overdraft. The addition of Commerzbank gives us provision for banking instruments, such as bank guarantees, in Germany where our subsidiary ELAC Sonar is located."

ENDS

For further information please contact:

 
 Cohort plc                                0118 909 0390 
 Andy Thomis, Chief Executive 
 Simon Walther, Finance Director 
 
 Investec Bank Plc (NOMAD and Broker)      020 7597 5970 
 Daniel Adams, Christopher Baird 
 
 MHP Communications                        020 3128 8570 
 Reg Hoare, Pete Lambie, Ollie           cohort@mhpc.com 
  Hoare

NOTES TO EDITORS

Cohort plc ( www.cohortplc.com ) is the parent company of six innovative, agile and responsive businesses based in the UK, Germany and Portugal, providing a wide range of services and products for domestic and export customers in defence and related markets.

Chess Technologies, through its operating businesses Chess Dynamics and Vision4ce, offers surveillance, tracking and fire-control systems to the defence and security markets. A majority stake was acquired by Cohort plc in December 2018. www.chess-dynamics.com

EID designs and manufactures advanced communications systems for naval and military customers. Cohort acquired a

majority stake in June 2016.   www.eid.pt

ELAC SONAR supplies advanced sonar systems and underwater communications to global customers in the naval

marketplace.  Acquired by Cohort in December 2020.   www.elac-sonar.de

MASS is a specialist data technology company serving the defence and security markets, focused on electronic warfare, digital services and training support. Acquired by Cohort in August 2006. www.mass.co.uk

MCL designs, sources and supports advanced electronic and surveillance technology for UK end users including the MOD and other government agencies. MCL has been part of the Group since July 2014. www.marlboroughcomms.com

SEA delivers and supports technology-based products for the defence and transport markets alongside specialist research and training services. Acquired by Cohort in October 2007. www.sea.co.uk

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in March 2006. It has headquarters in Reading, Berkshire and employs in total over 1,000 core staff there and at its other operating company sites across the UK, Germany and Portugal.

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END

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(END) Dow Jones Newswires

July 19, 2022 02:00 ET (06:00 GMT)

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