Silverdell PLC Confirmation of Banking Facilities (6260L)

TIDMSID

RNS Number : 6260L

Silverdell PLC

14 August 2013

Silverdell plc ("Silverdell" or "the Group")

Confirmation of Banking Facilities

Further to the announcement of the acquisition of the business and certain assets of Kitsons Environmental Europe Limited ("Kitsons") by Euro Dismantling Services Limited ("EDS") on 24 July 2013, the Board is pleased to announce confirmation that it has reached agreement with its lending bank HSBC regarding the provision of an additional facility of GBP5 million. The new facility will be used alongside the Group's existing cash resources to satisfy the deferred consideration for the acquisition of Kitsons. The new facility will be reviewed on 31 January 2014.

EDS is currently in the process of novating Kitsons' customer contracts and site operations continue with minimal disruption.

The Group is currently assessing the impact of the administration on its trading performance and therefore the capital requirements of the business for the remainder of FY2013 and for FY2014 in order to work towards lifting the suspension from trading of the Group's shares.

Further announcements will be issued in due course.

ENQUIRIES:

 
 Silverdell Plc                           Tel: + 44 20 7389 
                                           6827 
 Sean Nutley, Group Chief Executive 
 Ian Johnson, Chief Financial Officer 
 
 FinnCap (Nominated Adviser and Broker)   Tel: + 44 20 7220 
                                           0500 
 Matt Goode (Corporate Finance) 
  Ben Thompson (Corporate Finance) 
 Victoria Bates (Corporate Broking) 
 
 College Hill                             Tel: + 44 20 7457 
                                           2020 
 Mark Garraway 
  Helen Tarbet 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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