GYG PLC Bank Facilities Amendment and Activities Update (6509J)
15 April 2020 - 8:00AM
UK Regulatory
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.
END
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