One Heritage Group plc: Repayment of One Heritage SPC Loan and Extension of Facility (1607251)
14 Aprile 2023 - 8:00AM
UK Regulatory
One Heritage Group plc (OHG) One Heritage Group plc: Repayment
of One Heritage SPC Loan and Extension of Facility 14-Apr-2023 /
07:00 GMT/BST
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14 April 2023
ONE HERITAGE GROUP PLC
(the "Company" or "One Heritage")
Repayment of One Heritage SPC Loan and Extension of Facility
One Heritage Group PLC (LSE: OHG), the UK-based residential
developer focused on the North of England, is pleased to announce
that it has signed an agreement with its majority shareholder to
reschedule its loans on more favourable terms.
A loan (the SPC loan) of GBP1,007,000, with an 18-month
repayment term at 12% interest, was entered into with One Heritage
SPC on 11 August 2020, later extended by 12 months.
The Company has now repaid this loan in full. At the same time,
the Company has increased its GBP11 million debt facility (the
"Facility") by GBP1.3m to GBP12.3m, provided by its parent company
and majority shareholder One Heritage Property Development Ltd
(OHPD). The Facility carries an interest rate of 7%. OHPD has also
agreed that it will not demand repayment of the Facility until the
Company can repay without impacting its going concern basis.
Jason Upton, CEO, commented: "We are very grateful to our
majority shareholder for its ongoing support by enabling us to pay
off the SPC loan and extend the Facility. In so doing, we have
improved the interest rate on GBP1.3 million of debt at 12% to a
better rate of 7% for the Company. As previously highlighted,
revenue from our development pipeline is building and the second
half of our financial year is looking strong, with a series of
practical completions on track and a large proportion of related
units either sold or with sales agreed. We look forward to
providing further updates in due course."
Contacts:
One Heritage Group plc
Jason Upton
Chief Executive Officer
Email: jason.upton@one-heritage.com
Anthony Unsworth
Chief Financial Officer
Email: anthony.unsworth@one-heritage.com
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
Yellow Jersey PR (Financial PR)
Charles Goodwin/Annabelle Wills/Bessie Elliot
Email: oneheritage@yellowjerseypr.com
Tel: +44 (0)203 004 9512
About One Heritage Group
One Heritage Group PLC is a property development and management
company. It focuses on the residential sector primarily in the
North of England, seeking out value and maximising opportunities
for investors. In 2020 One Heritage Group PLC became one of the
first publicly listed residential developers with a focus on
co-living.
The Company is listed on the Standard List of the Main Market of
the London Stock Exchange, trading under the ticker OHG.
For further information, please visit the Company's website at
https://www.oneheritageplc.com/.
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Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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ISIN: GB00BLF79495
Category Code: UPD
TIDM: OHG
LEI Code: 2138008ZZUCCE4UZHY23
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 236762
EQS News ID: 1607251
End of Announcement EQS News Service
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(END) Dow Jones Newswires
April 14, 2023 02:00 ET (06:00 GMT)
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