31st Aug 2011 14:51
Date: | 31 August 2011 |
On behalf of: | Travelzest plc ('Travelzest' or the 'Company') |
For immediate release |
Travelzest plc
Deferral of scheduled capital and interest repayment
As announced in the Company's interim results on 22 July 2011 and again on 29 July 2011, Travelzest has been reviewing its financing needs and has been in discussions with several banks in both the UK and Canadian markets to identify the best commercial terms available to the Company. Discussions with one bank remain at an advanced stage. The likely terms of the proposed new facility remain more favourable to the Company than those in the existing facility.
Under the existing facility agreement provided by Barclays Bank plc ("Barclays") dated 19 June 2008 (as amended, varied and restated from time to time) (the "Existing Facility Agreement"), a capital repayment of GBP620,550.00 and CAD $2,668,557.57 (the "Capital Repayment") and associated interest became due on 31 May 2011.
Barclays has agreed to a further deferral of the Capital Repayment until 30 September 2011 as well as a waiver from certain covenants agreed under the terms of the Existing Facility Agreement tested at 30 April 2011 and 31 July 2011.
Potential Offer
On 19 April 2011 the Company announced that it was in the very early stages of discussions over a potential offer for the entire issued and to be issued share capital of the Company (the "Potential Offer"). The Company confirms today that it is still in discussions in relation to the Potential Offer however there can be no certainty that the talks will result in an offer being made for the Company.
A further announcement on both the Company's debt facilities and on the Potential Offer will be made as and when appropriate.
- Ends -
Enquiries:
Travelzest plc | 0844 335 6623 |
Jack Fraser | |
Redleaf Communications | 020 7566 6700 |
Rebecca Sanders-Hewett / Jenny Bahr | |
Investec Investment Banking | 020 7597 5970 |
Martin Smith / Duncan Williamson | |
Merchant Securities Limited (Broker) | 020 7628 2200 |
Graeme Cull/Simon Clements |
Notes to Editors:
Travelzest plc (LSE:TVZ.L) is a dynamic travel group, with a collection of online travel retailers and specialized merchant operators, with operations in five countries. Included in the Travelzest agency family are Travelzest Holidays, itravel2000, The Cruise Professionals, holiday.co.uk, flight.co.uk, Fair's Fare, Wow House, and in the Travelzest merchant family are Best of Morocco, VFB Holidays, Peng Travel, Faraway Holidays, The Malaysia Experience, Tapestry Collection, Captivating Cuba, JMB Travel. Travelzest is traded on London's AIM Exchange under the symbol TVZ.
Related Shares:
TVZ.L