REG - Tekmar Group PLC - Extension of Banking Facilities

TekmarAnnouncement

28/07/2023 07:00

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RNS Number : 4766H  Tekmar Group PLC  28 July 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.

 

TEKMAR GROUP PLC

 

("Tekmar Group", the "Company" or the "Group")

Extension of Banking Facilities

Tekmar Group plc (AIM: TGP), a leading provider of technology and services for
the global offshore energy markets, announces it has agreed with Barclays Bank
PLC ("Barclays") a renewal of its existing banking facilities.

The trade loan facility is extended until 15 June 2024, maintaining a facility
of up to £4m which can be drawn against supplier payments and is provided
with support from UK Export Finance. In addition, the £3m CBILs term loan
facility is extended by a further 12 months until 31 October 2024.  This
completes the renewal of the Group's existing facility and financing
arrangements.

The directors also confirm that the Group's financial performance for the
current financial year to September 2023 remains in-line with management
expectations set out in the interim results announced in June 2023.

Enquiries:

 

 Tekmar Group plc                                              +44 (0)1325 349 050

 Alasdair MacDonald, CEO

 Leanne Wilkinson, CFO

 Singer Capital Markets (Nominated Adviser and Joint Broker)   +44 (0)20 7496 3000

 Rick Thompson / George Tzimas / Alex Emslie

 Berenberg (Joint Broker)                                      +44 (0)20 3207 7800

 Ben Wright / Ciaran Walsh

 Bamburgh Capital Limited (Media & Investor Relations)

 Murdo Montgomery                                              +44 (0) 131 376 0901

The person responsible for arranging the release of this announcement on
behalf of the Company is Leanne Wilkinson, Chief Financial Officer.

 

About Tekmar Group plc

 

Tekmar Group plc (LON: TGP) collaborates with its partners to deliver robust
and sustainable engineering led solutions that enable the world's energy
transition.

 

Through our Offshore Energy and Marine Civils Divisions we provide a range of
engineering services and technologies to support and protect offshore wind
farms and other offshore energy assets and marine infrastructure. With near 40
years of experience, we optimise and de-risk projects, solve customers'
engineering challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation and
engineering analysis, bespoke equipment design and build, subsea protection
technology and subsea stability technology.

 

We have a clear strategy focused on strengthening Tekmar's value proposition
as an engineering solutions-led business which offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach
with offices, manufacturing facilities, strategic supply partnerships and
representation in 18 locations across Europe, Africa, the Middle East, Asia
Pacific and North America.

 

For more information visit: www.tekmargroup.com (http://www.tekmargroup.com/)

Subscribe to further news from Tekmar Group at Group News
(http://eepurl.com/cN91l5)

 

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