4th May 2020 15:35
(Alliance News) - Vitec Group PLC on Monday said it has agreed revised covenants on its GBP165 million loan facility and is eligible for the UK's Covid-19 corporate financing facility scheme.
In March, the photography and video products maker said it was looking and expand and amend financing arrangements in the short term to increase its flexibility.
To this end, Vitec has agreed revised covenants for its facility with its existing banking group. Vitiec said the banking group's members "were unanimous in their support".
On top of this, Vitec said it will be issuing commercial paper, initially at a GBP30 million value under the Covid-19 corporate financing facility scheme In combination with the covenant revision, this should give Vitec "greater short-term flexibility".
Given the UK's Covid-19 containment measures, Vitec said shareholders are not allowed to attend its May 27 annual general meeting in person. Shareholders must submit proxy votes by May 25.
Vitec's directors have all agreed to a 20% salary cut effective from April 14.
Shares in Vitec were down 1.2% at 668.00 pence in London on Monday afternoon.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
VTC.L