Science in Sport PLC New Debt Financing Facility (5479N)
21 Maggio 2020 - 8:00AM
UK Regulatory
TIDMSIS
RNS Number : 5479N
Science in Sport PLC
21 May 2020
21 May 2020
SCIENCE IN SPORT PLC
("Company" or "Group")
New Debt Financing Facility
Science in Sport plc (AIM: SIS), the premium performance
nutrition company serving elite athletes, sports enthusiasts and
the gym lifestyle community, announces that it has secured a new
GBP8 million invoice financing facility from the Company's lending
bank, HSBC, for an initial one year term.
The Company announced it was exploring this facility at the time
of the recent equity placing on 23 April 2020, in which the Group
raised gross proceeds of approximately GBP4.5 million. The debt
facility is expected to remain undrawn in the short term and
further strengthens the Company's liquidity position.
Stephen Moon, Science in Sport's Chief Executive Officer,
commented:
"This undrawn GBP8 million debt facility complements our recent
equity fundraising by providing further headroom in our liquidity
position should it be required during any future disruption caused
by COVID-19. It also gives us additional balance sheet flexibility
as we continue to deliver our high-growth strategy. The size of the
facility at GBP8 million underlines the strength of our
relationship with HSBC and the bank's confidence in the quality of
our business."
For further information:
Science in Sport plc
Stephen Moon, Chief Executive Officer
James Simpson, Chief Financial
Officer +44 (0) 20 7400 3700
Liberum
Nominated adviser and broker
Bidhi Bhoma
James Greenwood
Will Hall +44 (0) 20 3100 2000
Buchanan Communications +44 (0) 20 7466 5000
Financial PR ScienceInSport@buchanan.uk.com
Mark Court
Vicky Hayns
Tilly Abraham
Notes to Editors
About Science in Sport plc
Science in Sport plc is a leading sports nutrition business that
develops, manufactures and markets innovative nutrition products
for professional athletes, sports and fitness enthusiasts and the
gym lifestyle community. The Company has two highly regarded
brands: PhD Nutrition, a premium protein brand targeting gym
lifestyle and sports enthusiasts, and SiS, a leading brand among
elite athletes and professional sports teams.
The two brands are sold internationally through multiple retail
channels, both traditional and online, including major supermarkets
and high street chains, specialist sports retailers and e-commerce
sites including Amazon and the brands' own websites. They enable
the Company to address the full breadth of the performance
nutrition market currently estimated at approximately GBP10 billion
worldwide.
PhD is one of the UK's leading protein brands with a reputation
for high quality and product innovation. The brand has grown
rapidly, based on its core protein powders, since launch in 2005.
The range now comprises powders, bars, flapjacks, drinks and other
products including the high protein, low sugar range, PhD Smart.
PhD is the exclusive sports nutrition supplier to David Lloyd Clubs
and its brand ambassadors include rapper Bugzy Malone, WBA
international champion Jordan Gill and Team GB Olympic sprinter
Asha Philip.
SiS, founded in 1992, has a core range comprising gels, powders
and bars focused on energy, hydration and endurance. SiS is the
official sports nutrition supplier to many professional cycling
teams and organisations including Team INEOS, British Cycling,
Cycling Australia, USA Cycling and USA Triathlon. SiS supplies more
than 80 professional football clubs in the UK and is an official
partner to British Triathlon and the Rock 'n' Roll Marathon Series.
SiS brand ambassadors include Olympians Sir Chris Hoy MBE, Mark
Cavendish MBE and Adam Peaty MBE.
Science in Sport is headquartered in London. Its shares joined
the AIM market of the London Stock Exchange in August 2013 and
trade under the ticker symbol SIS.
For further information, please visit www.scienceinsport.com
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END
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May 21, 2020 02:00 ET (06:00 GMT)
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