Jaywing PLC Further re. trading update & related party (4270O)
02 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMJWNG
RNS Number : 4270O
Jaywing PLC
02 October 2019
Information contained within this announcement was deemed by the
Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
2 October 2019
Jaywing plc
("Jaywing" or the "Company")
Further re. trading update & related party transactions
Further to its announcement on 30 August 2019, the Company is
pleased to announce that it has been notified that entities
associated with two of its major shareholders ( the "Major
Shareholders") have acquired the Company's existing secured loan
facility of GBP5.2m owed to Barclays Bank plc ("Jaywing Facility").
The Major Shareholders have immediately provided the Company with
additional secured facilities by increasing the Jaywing Facility by
GBP3m to GBP8.2m, which has enabled the Company to repay its
outstanding overdraft and provide it with additional working
capital.
The additional finance ensures that the Company is in a much
stronger financial position to not only meet its short-term
financing requirements but also to continue realigning the business
and its product offerings to client demand in a market place which
has and continues to evolve rapidly.
The Major Shareholders have indicated their ongoing support for
the business, which may include the provision of further debt
and/or equity by them.
Related party transactions
The additional capital being provided by entities associated
with the Major Shareholders is being done so on the same terms as
the term loan previously provided to Jaywing by Barclays. As each
of the Major Shareholders, being Lord Ashcroft KCMG PC and Lombard
Odier Asset Management (Europe) Limited*, are considered related
parties because of their respective shareholdings in the Company,
the provision of this capital by entities associated with each of
them are deemed to comprise related party transactions for the
purposes of Rule 13 of the AIM Rules for Companies. The Directors
consider, having consulted with the Company's nominated adviser,
Cenkos Securities plc, that the terms of the transactions are fair
and reasonable insofar as the Company's shareholders are
concerned.
*acting in its capacity as discretionary investment manager or
sub-adviser for and on behalf of certain funds and accounts managed
by it and/or as agent of Lombard Odier Asset Management (USA) Corp
(LOAM USA) acting in its capacity as discretionary investment
manager for and on behalf of certain funds and accounts managed by
it.
Jaywing plc (www.jaywingplc.com)
Michael Sprot (Company Secretary)
Tel: 0114 281 1200
Cenkos Securities plc
Nicholas Wells/Callum Davidson (Nominated Adviser)
Tel: 0207 397 8900
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END
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