24th Jan 2019 13:25
LONDON (Alliance News) - SigmaRoc PLC on Thursday said it entered into an agreement with Santander UK PLC to increase its credit facilities to GBP34 million.
The company will use the funds from the facility to fund its GBP10 million repurchase of 6% convertible unsecured loan notes, due January 2022. The company will then delist the notes as soon as practicable.
The remaining amount will be used by the company to provide funds for the acquisition of further target businesses SigmaRoc has identified.
Chief Executive Officer Max Vermorken said: "I would like to thank all noteholders for their support over the past two years and am grateful for the backing shown by both shareholders and Santander for the refinancing of the notes. The refinancing significantly reduces potential shareholder dilution and demonstrates confidence in our business and the ability of those who work here."
SigmaRoc shares were trading up 1.7% at 41.70 pence each.
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