REG-RM plc RM plc: Bank covenants waiver agreement

RMAnnouncement

29/11/2023 07:15

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   RM plc (RM.)
   RM plc: Bank covenants waiver agreement

   29-Nov-2023 / 07:00 GMT/BST

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                                                             29 November 2023

    

                                     RM plc

                        Bank covenants waiver agreement

    

   RM plc, a global educational  technology, digital learning and  assessment
   solution provider (“RM”,  the “Company”),  announces that  it has  reached
   agreement with its lenders to extend its unconditional covenant waiver  to
   cover the 30 November 2023 covenant test date.

    

   As announced in  its half year  results on 9  August, the Company  entered
   into discussions with its lenders to agree suitable waivers and amendments
   to its existing Facility. On 29 August the renegotiation of the waiver for
   the period ended 31 August 2023 was announced. In today’s announcement the
   Company confirms that it has received waivers from its lenders for its  30
   November EBITDA  financial  covenant  and continues  to  comply  with  the
   conditions of each lender with regards  to that waiver and the  respective
   Facility  Agreement.  This  concludes  the  waiver  negotiations  for  the
   financial year ending 30 November 2023.

    

   The renegotiation of an amendment  and extension of its lending  facility,
   which matures in July  2025 is ongoing and  the Company still expects  the
   renegotiation to have concluded by the end of Q1 2024.

    

   Mark Cook, Chief Executive of RM, commented:

    

   "I am grateful for the continuing support of our lenders and the amendment
   to our facility’s covenants for the full year. Both lenders have held long
   term supportive  relationships  with  the  Company  over  many  years  and
   continue to  support  RM  as it  embarks  on  its plans  to  simplify  the
   business, reduce  its net  debt,  and return  the  Company to  growth  and
   profitability.”

    

                                        

                                   Enquiries:

   RM plc  1 investorrelations@rm.com

   Mark Cook, Chief Executive Officer

   Simon Goodwin, Chief Financial Officer

   Fiona O’Nolan, Investor Relations

    

    

                                Notes to editors

   RM  provides   market-leading  products   and  services   to   educational
   institutions, exam  bodies and  international governments  which  improve,
   simplify and support education and learning.

   The education  sector  is  transforming,  and RM  is  well  positioned  to
   capitalise on this through its three divisions.

     • RM Assessment is a leading provider of assessment software, supporting
       exam awarding  bodies,  universities,  and  governments  worldwide  to
       digitise their assessment delivery
     • RM Technology is a market-leading supplier of ICT software, technology
       and services to UK schools and colleges
     • RM Resources is  the established provider  of education resources  for
       early years, primary schools, and secondary schools across the UK  and
       to 80 countries internationally.

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BJT0FF39
   Category Code:  MSCH
   TIDM:           RM.
   LEI Code:       2138005RKUCIEKLXWM61
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   287842
   EQS News ID:    1783833


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:investorrelations@rm.com


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