SRT Marine Systems PLC SRT finalises COVID-19 resilience financing (9573J)
17 Aprile 2020 - 08:00AM
UK Regulatory
TIDMSRT
RNS Number : 9573J
SRT Marine Systems PLC
17 April 2020
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION
CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION,
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE
IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
SRT finalises COVID-19 resilience financing
SRT, the global provider of maritime surveillance, vessel
tracking, monitoring, management and safety systems, is pleased to
announce that it has completed its COVID-19 resilience financing,
raising a total of GBP5.3 million of cash in a combination of loans
and equity.
On 7 April 2020, the Company announced that it had raised an
aggregate of GBP2.8 million from investors. We can now announce
that the Company has agreed an additional GBP2.5 million loan
facility provided by its main bank, bringing the total raised to
GBP5.3 million.
The bank loan is being provided with the support of the UK
government Coronavirus Business Interruption Loan Scheme (CBILS)
and as such is interest and fee free and repayable in one year.
Commenting, Simon Tucker, CEO of SRT said:
"Considering the unknown timeframe of Covid-19 business
restrictions, we moved quickly to secure our business for the
future through a combination of cost minimisation and additional
cash financing. With the confirmation of this GBP2.5 million bank
loan, in the last few weeks we have secured a total of GBP5.3
million of additional cash. This financing enables SRT to continue
to operate and service existing and prospective customers during
the current situation and be in an optimal position to move forward
with new system contracts once business conditions normalise."
Contacts:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@s rt-marine.com
Louise Coates (Marketing Manager) louise.coates@s rt-marine.com
finnCap Ltd
Jonny Franklin-Adams / Teddy Whiley (Corporate
Finance) +44 (0) 20 7220 0500
Tim Redfern (Equity Capital Markets)
About SRT Marine Systems plc:
SRT develops, manufactures and supplies maritime surveillance
and vessel tracking technologies, products and systems. The
Company's products and solutions are used by individual vessel
owners, port authorities, maritime infrastructure owners, coast
guards, fishery agencies and other national security agencies to
enhance their maritime domain awareness, monitoring and management
capabilities. Applications include the tracking of commercial and
leisure vessels; sustainable fishery; anti-collision; search and
rescue; waterway management, port and coast security; pollution
management; and environmental management.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014. In addition, market soundings
(as defined in MAR) were taken in respect of the Placing with the
result that certain persons became aware of inside information (as
defined in MAR), as permitted by MAR. This inside information is
set out in this Announcement. Therefore, those persons that
received inside information in a market sounding are no longer in
possession of such inside information relating to the Company and
its securities. The person responsible for this announcement is
Richard Hurd, Chief Financial Officer of SRT.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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