Positive Sales Results, Information About Bank Settlement And Launches Of Pilot Projects

Rizzo AB

13/07/2020 10:09

July 13 (Reuters) - Venue Retail Group AB  VRGb.ST :
    * SAID ON FRIDAY ANNOUNCES POSITIVE SALES RESULTS, GETS
POSITIVE
INFORMATION ABOUT BANK SETTLEMENT FROM NORDEA AND LAUNCHES OF
PILOT PROJECTS 
    * ANNOUNCES POSITIVE SALES TREND SINCE JULY 1, 2020, WITH
SALES
INDEX INCREASING FROM PREVIOUS INDEX OF 40-50 TO INDEX OF 80
    * CO'S NORWEGIAN RETAIL CHAIN MORRIS HAS EXCEEDED INDEX OF
100 IN
THE LAST TWO DAYS
    * AIMS TO REACH A SALES INDEX OF 90 IN JULY
    * DURING EARLY AUTUMN, EVALUATION OF PILOT STORES TO TAKE
PLACE AS
WELL AS A POSSIBLE ROLL-OUT OF CONCEPTS TO OTHER STORES
    * NORDEA HAS NOTIFIED CO THAT NORDEA'S CREDIT COMMITTEE
AGREES TO
ENTER INTO BANK AGREEMENT THAT RUNS FOR 18 MONTHS WITH CO
    * FINANCING MEANS THAT CO'S ACQUISITION CREDIT OF SEK 16 MLN
IS
AMORTIZED BY SEK 6.4 MLN AT THE DATE OF CONCLUSION OF THE BANK
AGREEMENT AND THAT ONGOING AMORTIZATION OF ACQUISITION CREDIT TO
TAKE PLACE OVER 18 MONTHS FOR TOTAL OF SEK 10 MLN
    * CO'S OVERDRAFT FACILITIES OF SEK 100 MLN ARE EXTENDED
UNTIL THE
END DATE OF THE RUN OF BANK AGREEMENT
    * CO RECEIVES A TEMPORARY CREDIT OF SEK 30 MLN WHICH MAY BE
USED
TWICE A YEAR WITH CREDIT PERIOD OF NO MORE THAN THREE MONTHS
    * IS ALSO ACTIVELY WORKING TO ENTER INTO ISSUE GUARANTEE
AGREEMENT
CORRESPONDING TO A MINIMUM OF SEK 60 MLN IN ACCORDANCE WITH
TERMS OF BANK FINANCING
    * HAS RECEIVED LIQUIDITY SUPPORT FOR ITS OPERATIONS IN
NORWAY,
AMOUNTING TO ABOUT NOK 4.5 MLN
    * IS CURRENTLY NEGOTIATING AGREEMENTS WITH NORDISKA
KOMPANIET IN
STOCKHOLM AND GOTHENBURG
    * IN TOTAL WILL REDUCE RENTAL COSTS AND OTHER COSTS ON A
FULL-YEAR
BASIS BY ABOUT SEK 17.5 MILLION

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nWkr9z6VQL
    
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