Marwyn Management Partners PLC New Group Secured Credit Facility (4229W)

TIDMMMP

RNS Number : 4229W

Marwyn Management Partners PLC

27 April 2016

MARWYN MANAGEMENT PARTNERS PLC ("MMP")

New Group Secured Credit Facility

The Board of Directors of MMP announces today that following an extensive consultation process with employees in MMP's subsidiary Le Chameau SAS ("Le Chameau"), a consolidation of Le Chameau's manufacturing operations will take place, resulting in a number of redundancies (the "Process"). The Board believes that the resulting efficiency benefits will better enable Le Chameau to deliver long term value for shareholders.

Ongoing, production will continue at the business's existing Morocco factory which has been operational since 1949 and in 2015 accounted for over 85% of boot production. Furthermore, investment in the Moroccan factory has begun in order to increase the capacity of the site, which will enable the business to manage the additional production requirements resulting from anticipated future demand.

To provide funding for the Process, MMP and its subsidiary Marwyn Management Partners Subsidiary Limited ("MMPSL") have entered into a new circa GBP4.7 million credit facility (the "Facility") with Marwyn Value Investors LP ("MVI"). The Facility has a two year term, is repayable in full at maturity and will be secured by way of a charge over the shares and security over the bank accounts of certain MMP Group entities. A commitment fee of 1.5% per annum is payable on undrawn amounts under the Facility. Interest is payable on amounts drawn down under the Facility at 8% per annum.

MVI holds 90.1% of the outstanding share capital of MMP; James Corsellis and Mark Brangstrup Watts are directors of both MMP and MVI's manager, Marwyn Asset Management Limited, accordingly they are not considered independent for the purposes of the AIM Rules for Companies. The Independent Directors of MMP, being Mark Kirkland, Ian Steer, Robert Ware and Stephen East consider, having consulted with WH Ireland Limited, MMP's nominated adviser, that the terms of the Facility are fair and reasonable insofar as MMP's shareholders are concerned.

MMP's results for the year to 31 December 2015 will be released on 28 April 2016.

Enquiries:

Marwyn Management Partners plc

+ 44 (0) 207 004 2700

Mark Kirkland

WH Ireland Limited

020 7220 1666

Paul Shackleton / Mark Leonard

This information is provided by RNS

The company news service from the London Stock Exchange

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April 27, 2016 02:00 ET (06:00 GMT)