REG - SRT Marine Systems - £20m Increase to Medium Term Note Programme

SRT Marine SystemsAnnouncement

10/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230510:nRSJ8589Ya&default-theme=true

RNS Number : 8589Y  SRT Marine Systems PLC  10 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

£20m Increase to Medium Term Note Programme Capacity

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness
systems and technologies for security, safety and environmental protection is
pleased to advise that it has secured a £20 million increase in capacity on
its existing SRT Secured Note Programme (the 'Programme'). This programme is
arranged and managed by LGB Capital Markets.

The Programme enables the issue of notes to LGB's private investors with
varying terms and provides SRT with a flexible source of working capital. The
increased headroom provides working capital flexibility in anticipation of
some significant new system contracts in the future which have initial working
capital requirements during their first few months to fund equipment purchases
prior to first deliveries and subsequent receipt of customer payments. Notes
currently outstanding via the Programme stands at £7.7m and the increase in
capacity does not increase SRT's debt outstanding. However, it will enable SRT
to issue new notes and refinance existing notes in future.

Simon Tucker, CEO of SRT Marine Systems, commented:

"The note programme is an excellent flexible source of working capital for our
business. With several pending new contracts, one of which is very significant
and subject to a recent LoI, we felt it prudent to take early steps to secure
a proven route for the initial working capital requirements."

 For further information, please contact:
 SRT Marine Systems plc                                      www.srt-marine.com (http://www.srt-marine.com)

                                                             + 44 (0) 1761 409500
 Simon Tucker (CEO)                                          simon.tucker@srt-marine.com
 Louise Coates (Marketing Manager)                           louise.coates@srt-marine.com

 finnCap Ltd (NOMAD & Broker)
 Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)     +44 (0) 20 7220 0500
 Tim Redfern / Charlotte Sutcliffe (ECM)

About SRT Marine Systems plc:

SRT Marine Systems PLC is an established leader in the growing global market
for maritime domain awareness. We provide advanced technologies, products and
systems that enhance maritime safety, security and environmental protection
and sustainability. Our customers range from governments to vessel owners
around the world.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCNKCBQFBKDOPK