27th Jan 2014 11:54
LONDON (Alliance News) - OpSec Security Group PLC said Monday it has reached an agreement with banker JP Morgan Chase over the breach of one of its covenants set against the September 30, 2013 financial results.
In its half-year report on December 20, the anti-counterfeiting technologies and services supplier said the breach was primarily a result of the slippage in delivery dates for certain key customers and disruption to the supply chain for its Transaction Card business.
At the time it said its was in discussion with its bank regarding re-setting the covenants, and was looking at ways to secure additional financing to fund the capital expenditure of its manufacturing facilities.
On Monday, OpSec said it has now reach an agreement with JP Morgan Chase, and its financial covenants will next be tested against its financial results for the year ended March 31, 2014.
The company said it continues to consider its long term funding options.
OpSec shares were down 4.9% at 39.00 pence per share before midday Monday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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