REG - Hornby PLC - Extension of Shareholder Loan

HornbyAnnouncement

28/01/2022 07:00

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RNS Number : 9077Z  Hornby PLC  28 January 2022

 

28 January 2022

Extension of Loan Facility

 

Phoenix UK Fund Limited, the Company's subordinated lender, has agreed an
extension to the term its existing secured credit facility (the "Facility") of
£9 million to 31 December 2023. Other than the extension to the loan term,
the terms of the Facility remain unchanged. All advances made under the
Facility become due and payable in December 2023 with interest charged at 5
per cent. plus SONIA on funds drawn and the higher of 1 per cent. or SONIA on
undrawn funds.

 

The Company will have the option to draw down on these funds to capitalise on
the positive momentum in the business and increase investment in our future
development plans.

 

Related Party Transaction

 

Phoenix Asset Management Partners Limited ("PAMP") is interested in
124,634,330 ordinary shares of 1 pence each in the Company, representing 74.66
per cent. of the issued share capital of Hornby. Given that PAMP manages
Phoenix UK Fund Limited, a substantial shareholder in the Company, the
extension of the Facility is a related party transaction pursuant to Rule 13
of the AIM Rules for Companies. The Independent Directors consider, having
consulted with Liberum Capital Limited, the Company's nominated adviser, that
the increase in the length of the Facility and its terms are fair and
reasonable insofar as the Company's shareholders are concerned.

 

 

-ends-

 

Enquiries:

 

Hornby plc

Lyndon Davies, Exec Chairman              01843 233 500

Kirstie Gould, CFO

 

Liberum Capital Limited, Nominated Advisor and Broker

Andrew Godber
         020 3100 2222

Edward Thomas

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