REG - Boston International - Funding arrangements update, Director resignation

Boston International HoldingsAnnouncement

02/04/2026 12:00

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RNS Number : 2927Z  Boston International Holdings PLC  02 April 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH (AS AMENDED [BY THE MARKET ABUSE (AMENDMENT) (EU
EXIT) REGULATIONS (SI 2019/310)) IS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").  UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

2 April 2026

BOSTON INTERNATIONAL HOLDINGS PLC

("BIH" or the "Company")

Update on Funding Arrangements

Resignation of Director

Further to the Company's announcement on 6 March 2026, the board of directors
of BIH (the "BIH Board") provides a further update on the Company's funding
arrangements and details of the resignation of a Director of the Company.

Funding Arrangements

As announced on 1 December 2025 and again on 6 March 2026, Zarara Energy Ltd
("ZEL"), the Company's 60% shareholder, which has provided a bridge loan
facility of up to £393,625.34 (as increased on 6 March 2026) to be drawn down
in tranches, to assist with the Company's working capital requirements,
including certain specified additional corporate and regulatory costs due in
the first six months of 2026 (the "ZEL Loan Facility"), informed the Company
of some short term liquidity issues arising from an earlier loan (US$1.5
million) which ZEL made to a potential acquisition target ("Target"), such
that it had not been able to meet its commitments to the Company under the ZEL
Loan Facility. As of date of this announcement, ZEL has a balance commitment
of £185,273 to be paid to BIH for meeting its current financial obligations.

ZEL had previously confirmed to the BIH Board that it was confident that the
loan money would be sufficiently recovered by ZEL by 31 March 2026 to enable
full funding availability under the ZEL Loan Facility, but that has not
happened as ZEL has not itself received the return of its loan from the Target
by the agreed date and has therefore not been put in funds to meet its
obligations to BIH.

However, ZEL has now informed the Company that the Target has confirmed that
it will repay its debt to ZEL in monthly instalments commencing on 15 April
2026 to 15 July 2026 and that provided that it does so, this will enable ZEL
to meet its obligations to BIH under the ZEL Loan Facility. Furthermore, ZEL
has assured the Company that it will source funding from other sources to meet
the Company's pressing financial needs by making advances under the ZEL Loan
Facility.

As referred to in the Company's announcement on 6 March 2026, the BIH Board
has identified the need for additional general working capital of approx.
£150,000 for the next 12 months (the "Further Funding Requirement") which
will need to be financed for example in conjunction with any potential
acquisition/reverse takeover discussions.

It should be noted that the ongoing financial viability of the Company is
dependent upon the receipt of the full outstanding funding under the ZEL Loan
Facility to meet its immediate working capital needs and thereafter funding
from other sources, which might be in conjunction with a potential
acquisition, to meet the Further Funding Requirement. There can be no
guarantee that this will be forthcoming.

Resignation of Director

The BIH Board also announces that William Borden James has resigned as a
Non-Executive Director of the Company with effect from 31 March 2026.

The BIH Board thanks Borden for his contribution to the Company during his
tenure and wishes him well for the future.

Given the need to conserve financial resources, the BIH Board is not currently
anticipating appointing a replacement Non-Executive Director.

For further information, please contact:-

 Boston International Holdings Plc
 Christopher Pitman, Chairman       chris.pitman@bihplc.com
                                    (file:///C:/Users/digei/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/HXAJV6AJ/chris.pitman@bihplc.com)

 

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