REG - Cohort PLC - Cohort plc extends banking facility

CohortAnnouncement

19/07/2022 07:00

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RNS Number : 8781S  Cohort PLC  19 July 2022

19 July 2022

 

COHORT PLC

("Cohort" or "the Group")

 

Cohort plc extends banking facility

 

 

Cohort plc, the independent technology group, announces that it has completed
a renewal of its banking facility.   The new and increased facility is for a
total of £50m and runs for three years to July 2025, with options to extend
it for a further two years to July 2027.

 

The terms are broadly similar to those of the previous £40m facility, which
was due to expire in November 2022.  The new facility provides for an initial
£35m to be drawn with an option (accordion) for a further £15m. The
syndicate of banks providing the facility has also been extended with the
addition of Commerzbank to NatWest and Lloyds.

 

Simon Walther, Cohort Finance Director, said:

"The facility provides the Group with a flexible arrangement to draw down for
acquisitions and overdraft.  The addition of Commerzbank gives us provision
for banking instruments, such as bank guarantees, in Germany where our
subsidiary ELAC Sonar is located."

 

 

 

ENDS

 

For further information please contact:

 Cohort plc                            0118 909 0390
 Andy Thomis, Chief Executive
 Simon Walther, Finance Director

 Investec Bank Plc (NOMAD and Broker)  020 7597 5970
 Daniel Adams, Christopher Baird

 MHP Communications                    020 3128 8570
 Reg Hoare, Pete Lambie, Ollie Hoare   cohort@mhpc.com

 

 

NOTES TO EDITORS

 

Cohort plc (www.cohortplc.com (http://www.cohortplc.com/) ) is the parent
company of six innovative, agile and responsive businesses based in the UK,
Germany and Portugal, providing a wide range of services and products for
domestic and export customers in defence and related markets.

 

Chess Technologies, through its operating businesses Chess Dynamics and
Vision4ce, offers surveillance, tracking and fire-control systems to the
defence and security markets. A majority stake was acquired by Cohort plc in
December 2018. www.chess-dynamics.com (http://www.chess-dynamics.com/)

 

EID designs and manufactures advanced communications systems for naval and
military customers. Cohort acquired a majority stake in June
2016.  www.eid.pt (http://www.eid.pt/)

 

ELAC SONAR supplies advanced sonar systems and underwater communications to
global customers in the naval marketplace.  Acquired by Cohort in December
2020.  www.elac-sonar.de (http://www.elac-sonar.de/)

 

MASS is a specialist data technology company serving the defence and security
markets, focused on electronic warfare, digital services and training support.
 Acquired by Cohort in August 2006. www.mass.co.uk (http://www.mass.co.uk/)

 

MCL designs, sources and supports advanced electronic and surveillance
technology for UK end users including the MOD and other government agencies.
MCL has been part of the Group since July 2014. www.marlboroughcomms.com
(http://www.marlboroughcomms.com/)

 

SEA delivers and supports technology-based products for the defence and
transport markets alongside specialist research and training
services. Acquired by Cohort in October 2007. www.sea.co.uk
(http://www.sea.co.uk/)

 

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in
March 2006. It has headquarters in Reading, Berkshire and employs in total
over 1,000 core staff there and at its other operating company sites across
the UK, Germany and Portugal.

 

 

 

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