REG - Tekmar Group PLC - Renewal of Banking Facilities

TekmarAnnouncement

04/07/2024 07:00

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RNS Number : 0484V  Tekmar Group PLC  04 July 2024

Tekmar Group plc

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

 

Renewal 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 existing trade loan facility remains available to Tekmar with the next
annual review date in June 2025. This facility of up to £4 million can be
drawn against supplier payments and is provided with support from UK Export
Finance. In addition, the £3 million Coronavirus Business Interruption Loan
("CBILS") facility is extended by a further 12 months to October 2025. This
completes the renewal of the Group's existing facility and financing
arrangements.

As at 30(th) June 2024, the Group held £2.8 million of cash with net debt of
£4.0 million.

 

Enquiries:

 

 Tekmar Group plc

 Alasdair MacDonald, CEO                                       Via Gracechurch Group

 Leanne Wilkinson, CFO

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

 Rick Thompson / Sam Butcher

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

 Ben Wright / Ciaran Walsh

 Gracechurch Group (Financial Media & Investor Relations)      +44 (0)20 4582 3500

 Murdo Montgomery / Heather Armstrong

 

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 customer's
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 Newton Aycliffe, 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.co.uk
(http://www.tekmargroup.co.uk/) .

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

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