REG - Judges ScientificPLC - Amendment and Extension of Bank Facilities

Judges ScientificAnnouncement

03/07/2024 07:00

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RNS Number : 8577U  Judges Scientific PLC  03 July 2024

3 July 2024

Judges Scientific plc

("Judges Scientific", "Judges", the "Company" or the "Group")

Amendment and Extension of Bank Facilities

Judges Scientific, the group focused on acquiring and developing companies in
the scientific instrument sector, is pleased to announce that it has amended
and extended its existing multi-bank facilities ("Facility") with Lloyds
Banking Group plc, Santander and Bank of Ireland (the "Banks").

The changes to the Facility will provide further acquisition financing
capacity in support of the Group's buy and build strategy.

The amendments to the Group's Facility are as follows:

·    £40m extension of the aggregate to £140m consisting of a £90m
revolving credit facility ("RCF") alongside a £50m uncommitted accordion
facility, which can be drawn with the agreement of the Banks. This replaces
the previous £100m facility which consisted of a £25m term loan ("Term
Loan"), a committed £55m RCF and a £20m uncommitted accordion.

·    The Facility has been extended by two years giving a four year term
running to 1 July 2028 ("Borrowing Term").

 

As at 30 June 2024 the Term Loan was £10.9m (31 December 2023: £14.1m) and
the RCF was £44.3m drawn (31 December 2023: £44.3m drawn), with £10.7m
undrawn, alongside the uncommitted £20m accordion.

 

·    Gearing no greater than 3 times Adjusted* EBITDA; and

·    Interest Cover no less than 3 times.

*Adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) excludes adjusting items relating to amortisation of acquired
intangible assets, acquisition-related costs, share based payments and hedging
of risks materialising after the end of the year.

Brad Ormsby, Judges' Chief Financial Officer, commented:

"We are delighted that our banks continue to strongly support the Group's
long-term growth plans. This larger and extended facility will add increased
capability to the Group's deal-making capacity, and highlights our lenders'
support of the Group's enduring buy and build growth strategy."

-     Ends -

 For further information please contact:

 Judges Scientific plc                     Shore Capital (Nominated Adviser & Joint Broker)

 David Cicurel, CEO                        Stephane Auton

 Brad Ormsby, CFO                          Harry Davies-Ball

 Tel: +44 (0) 20 3829 6970                 Tel: +44 (0) 20 7408 4090

 Panmure Liberum Limited (Joint Broker)    Investec Bank plc (Joint Broker)

 Edward Mansfield                          Virginia Bull

 Nikhil Varghese                           Carlton Nelson

 Tel : +44 (0) 20 3100 2222                Tel: +44 (0) 207 597 4000

 Alma (Financial Public Relations)

 Sam Modlin

 Rebecca Sanders-Hewett

 Joe Pederzolli

 Tel: +44 (0) 20 3405 0205

 judges@almastrategic.com

 

Notes to editors:

Judges Scientific plc (AIM: JDG), is a group focused on acquiring and
developing companies in the scientific instrument sector.  The Group consists
of 24 businesses acquired since 2005.

The acquired companies are primarily UK-based with products sold worldwide to
a diverse range of markets including: higher education institutions,
scientific research facilities, manufacturers and regulatory authorities.
The UK is a recognised centre of excellence for scientific instruments.
The Group has received five Queen's Awards for innovation and export.

The Group's companies predominantly operate in global niche markets, with long
term growth fundamentals and resilient margins.

Judges Scientific maintains a policy of selectively acquiring businesses that
generate sustainable profits and cash.  Shareholder returns are created
through the reduction of debt, organic growth and dividends.

For further information, please visit www.judges.uk.com
(https://url.avanan.click/v2/___http:/www.judges.uk.com/___.YXAxZTpzaG9yZWNhcDphOm86M2M4NzY3NGU5MjMxNzExOWZjYjg5ODlkYjkxNmZmZDI6NjoxMTMwOjk3ZWNjN2I3YmJmODJiYTYyYzE0NjI5NzI5NzQzMTEzY2NkOWJlMDYxNWM5OTcyYTU2YmJhNGU0NDYyNGRkNzI6cDpU)

 

 

 

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