We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sigmaroc Plc | LSE:SRC | London | Ordinary Share | GB00BYX5K988 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 0.47% | 64.50 | 64.30 | 64.50 | 64.70 | 63.90 | 64.30 | 154,492 | 10:20:56 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 580.29M | 13.53M | 0.0121 | 53.06 | 715.74M |
TIDMSRC
RNS Number : 4060X
SigmaRoc PLC
21 February 2017
21 February 2017
SigmaRoc plc
("SigmaRoc" or the "Company")
Operational Update
Agreement of Debt Facility
Following a strong start to 2017, SigmaRoc plc, the AIM listed construction materials business (AIM: SRC), is pleased to provide the following updates on its Channel Islands based acquisition, Ronez Limited, and the wider business:
Ronez Operations
- Trading and operational performance has been strong with January sales volumes above budget and a healthy order book for the first quarter of 2017;
- The development of the required back-office systems is proceeding at a much lower cost and a much faster pace than initially expected, with the business currently on track to complete the systems implementation by end-April 2017;
- Consequently, a ca. 50% reduction in the back-office systems budget is expected to be achievable for this calendar year;
- Operational Excellence programmes are being implemented which will generate further EBITDA improvement across the Ronez business throughout this year;
SigmaRoc Debt Financing
- SigmaRoc has agreed terms with Santander UK plc ("Santander") on a GBP2 million Revolving Credit Facility;
- Additionally, SigmaRoc is in advanced discussions on a further GBP18 million Term facility;
- Both facilities ("Santander Facilities") are on standard commercial terms maturing in 2021 and will see the business sufficiently capitalised to progress with its initial project pipeline; and
- Holders of the unsecured Convertible Loan Notes issued on Admission will be required to enter into a subordination deed with Santander, as set out in the Loan Note Instrument dated 5 January 2017.
The Company will continue to update the market as it reaches operational and strategic objectives.
David Barrett, Executive Chairman of SigmaRoc, commented:
"Ronez, our first acquisition, is a high quality business and these first weeks of trading have confirmed this. We are working hard with all stakeholders to ensure SigmaRoc is well positioned to implement its ambitious growth strategy and I am delighted that we have reached agreement with Santander to provide additional finance to enable us to capitalise on further opportunities efficiently."
Max Vermorken, Chief Executive Officer of SigmaRoc, commented:
"I am pleased with the support received from Ronez staff and the local communities on the Channel Islands. Bedding in the Ronez business was our first priority and progress to date has been faster than I expected, enabling us to work towards optimising operational and financial performance."
Capitalised terms in this announcement carry the same meaning as those ascribed to them in the Company's AIM Admission Document dated 15 December 2016 unless otherwise defined or the context requires otherwise.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
**ENDS**
For further information, please visit www.sigmaroc.com or contact:
+44(0)20 7193 SigmaRoc plc 4470 Max Vermorken Strand Hanson Limited (Nominated +44(0)20 7409 and Financial Adviser) 3494 James Spinney James Dance +44(0)20 3829 Zeus Capital Limited (Broker) 5000 Rob Collins Alex Wood Tavistock (Public Relations +44(0)20 7920 Adviser) 3150 Jos Simson Edward Lee Orchard PR (Guernsey Public Relations Adviser) +44(0)1481 Emma Anderson 251251
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTBMFTMBITMTR
(END) Dow Jones Newswires
February 21, 2017 02:01 ET (07:01 GMT)
1 Year Sigmaroc Chart |
1 Month Sigmaroc Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions