News
Banking Facilities
30 March 2012
We have recently been able to make good progress towards agreeing the fundamental terms in a new terms sheet for a new revolving credit facility going forward for a multi year period. Some detailed working and assessment remains and we expect this to now progress more rapidly.
Lawyers acting for RBS, our bank, will shortly provide the draft of the facility agreement and then the ancillary documents. We are liaising with our major shareholder who has indicated a willingness to provide for the new funding contribution required by the new bank facility.
On this positive note the bank has provided a further extension of the existing facility to 31st May 2012, by which time we expect the new facility documentation to be complete.
