TIDMGYG

RNS Number : 6509J

GYG PLC

15 April 2020

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

15 April 2020

GYG plc

("GYG", the "Company" or the "Group")

Bank Facilities Amendment and Resumption of Activities Update

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, today provides an update on its banking facilities and operations.

The Board is pleased to report that GYG has agreed with its banks to reschedule the payment profile of the bullet loan of EUR4.0 million, previously due for payment on 31 March 2021, subject to the satisfaction of certain routine conditions which the Company expects to have met when it publishes its Final Results for the year ended 31 December 2019. The new schedule of payments will commence on 31 October 2021 and end with a final payment on 31 October 2022. The amended payment schedule will provide the Group with a significantly strengthened cash position and a solid financial platform over the medium term.

Following a period of more stringent restrictions in Spain, the Group has now restarted its operations in Barcelona and Palma and continues to maintain operations across Northern Europe and the US with enhanced health and safety protocols in place. Operations will also recommence in La Ciotat, France later this week. Despite this disruption, the order book remains robust for 2020 and beyond and at this time the Board remains comfortable with current market expectations.

The Group will report Final Results for the year ended 31 December 2019 when greater clarity is provided by the regulators on the uncertainties created by the COVID-19 pandemic. The Group will provide an update to the reporting schedule as and when appropriate.

For further information:

 
 GYG plc                               via FTI Consulting 
  Remy Millott, Chief Executive         Tel: +44 (0) 20 3727 1000 
  Officer 
  Kevin McNair, Chief Financial 
  Officer 
 Zeus Capital Limited (NOMAD &         Tel: +44 (0) 20 3829 5000 
  Broker) 
  John Goold, Dominic King 
  Dan Bate, Nick Cowles, Ben Burnett 
 FTI Consulting (Financial PR)         Tel: +44 (0) 20 3727 1000 
  Alex Beagley 
  Fiona Walker 
  Rafaella de Freitas

Notes to Editors:

GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Pinmar Supply, and Technocraft. GYG's operations can be divided into three key sales channels:

-- Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work;

   --        New Build: fairing and painting of new vessels as part of the build process; and

-- Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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April 15, 2020 02:00 ET (06:00 GMT)

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