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PVG Premier Veterinary Group Plc

34.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Premier Veterinary Group Plc LSE:PVG London Ordinary Share GB00BSZLMS59 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 34.50 32.00 37.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Premier Veterinary Group PLC Premier Pet Care Plan Growth and Loan Note Update (6159V)

31/01/2017 12:11pm

UK Regulatory


Premier Veterinary (LSE:PVG)
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TIDMPVG

RNS Number : 6159V

Premier Veterinary Group PLC

31 January 2017

PREMIER VETERINARY GROUP PLC

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

"Continued growth in numbers of pets on Premier Pet Care Plan

and Loan Note update"

London, UK, 3 1 J a n u a r y 2 0 1 7 Premier Veterinary Group plc (LSE: PVG) provides the following update on the number of pets on plan and funding arrangements.

Premier Pet Care Plan Customer Growth

The Group's recurring revenue streams are driven by the number of pets that are signed up to Premier Pet Care Plan ("PPCP"), a preventative healthcare programme for pets. The number of revenue generating pets on active plans at the end of the fourth quarter of 2016, and in the preceding four quarters, are as follows:

 
000's                As at    As at    As at     As at    As at 
                    Dec-15   Mar-16   Jun-16   Sept-16   Dec-16 
United Kingdom          99      107      115       121      132 
Europe                   5       10       14        18       21 
US                       -        -        -         -        1 
 
  Total no of 
  fee generating 
  pets on plan         104      117      129       139      154 
 

Overall, the number of pets on plan has increased by 48% in the last 12 months, and is up 11% in the last quarter.

Loan Note update

As previously announced, the Company entered into unsecured Loan Notes with existing and new investors in the Company (including certain directors and their connected parties) totalling GBP0.9m with a term of 18 months. In addition, it agreed with Bybrook Finance Solutions Limited ("BFSL") (a company of which Rajan Uppal, an Executive Director of the Company, is sole director and shareholder) for a further tranche with a value of GBP0.35m which would be irrevocably committed for draw down at the Company's option by 31 January 2017 (the "BFSL Loan Note"). The Company has since negotiated a new loan note that will be drawn down from BFSL. The amount of GBP0.35m which has been received today has an extended duration of 24 months at the same rate of interest of 1% per month. The BFSL Loan Note will be repayable on 31 January 2019 and has other normal early repayment events including a disposal of a major part of the business or early repayment of other loan notes. In the event of early repayment, the interest for any unexpired period to the end of the full term will become payable. The Company has also concluded that it will no longer take up an overdraft facility it was negotiating with HSBC.

For further information, please contact:

Premier Veterinary Group plc Tel: +44 (0)117 970 4130

Dominic Tonner, Chief Executive Officer

Will Evans, Chief Financial Officer

Square1 Consulting Tel: +44 (0)207 929 5599

David Bick/Brian Alexander

Note to Editors:

PVG's services to third party veterinary practices, through its wholly-owned subsidiary, Premier Vet Alliance Limited ("PVA"), include the administration and support of a preventative healthcare program for pets branded "Premier Pet Care Plan" ("PPCP"); and the operation of a buying group (the "PVA Buying Group") which offers enhanced discounts to member practices on pharmaceutical and consumable spending. In the US, Premier Pet Care Plan is marketed through the Company's wholly-owned subsidiary, Premier Vet Alliance (US) Limited.

PPCP is a structured, preventative healthcare program for cats, dogs and rabbits and is available only through veterinary practices. The program is seen as a way of providing gold standard care for pets at an affordable price for the client, by way of fixed monthly payments.

PPCP uses a clinical approach to prevention, as this is the most effective method of ensuring illnesses are diagnosed more quickly and not given a chance to advance. What truly sets PPCP apart is its unique approach of offering an end-to-end solution and support to the practice, which has been proven to work extremely well. PVA works alongside practices to create a tailor-made, cost-effective service for clients, one that delivers excellent care to their patients and significantly improves practice performance.

The PVA Buying Group, is now the UK's largest veterinary buying group without group interests in veterinary practices or veterinary wholesalers offering its members the best discounts across the industry on pharmaceutical and consumable spend.

For further details: http://www.premiervetalliance.co.uk/:

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward- looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors readers are cautioned not to rely on any forward-looking statement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCMMGFMZMGGNZM

(END) Dow Jones Newswires

January 31, 2017 07:11 ET (12:11 GMT)

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