23rd Dec 2015 18:12
LONDON (Alliance News) - Tribal Group PLC said Jonathan Baldwin, a director at the company, bought 20,675 shares in the company at 24 pence each.
This is Baldwin's first share purchase and he now holds 0.02% of the company's issued share capital.
On Monday, Tribal revealed that it has agreed with its banks to waive the testing of its financial covenants for 2015, which will allow it to remain in compliance with the terms of its debt facilities.
This will in turn allow it to progress with its proposed rights issue in the first quarter of 2016.
This bank agreement followed news earlier this month that Tribal is planning a GBP30.0 million rights issue to help cut its debt and provide working capital, as it warned its adjusted operating profit for the year will likely be "significantly lower" than previously expected as a result of delays in contract milestones and slow sales momentum.
At that time Tribal had warned its lenders it may breach the covenants of its revolving credit facility, under which it can borrow up to GBP50 million.
Tribal shares closed up 2.1% at 24.50 pence on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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