TOYE Toye & Co.

TIDMTOYE

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 GBP2.5m to GBP2.75m. The balance of this loan facility not drawn down is GBP0.75m 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 GBP0.5m 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

END

MSCUWONRSWABRAR

Grafico Azioni Toye & Co (LSE:TOYE)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Toye & Co (LSE:TOYE)
Storico
Da Giu 2023 a Giu 2024