Barkby Group PLC Revised debt facility (2602L)

TIDMBARK

RNS Number : 2602L

Barkby Group PLC

30 December 2022

Barkby Group PLC

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

Revised debt facility

Further to the announcement of 28 November 2022, Barkby Group PLC (AIM:BARK), announces that it has agreed to refinance its existing GBP5.0m debt facility to a GBP12m debt facility with Tarncourt Properties Ltd (the "Revised Facility Agreement"). The Revised Facility Agreement will be used to provide additional liquidity headroom to the Group. The headline terms of the Revised Facility Agreement are:

   -     Increased facility from GBP5m to GBP12m; 
   -     Extended expiry date of 30 June 2024; 
   -     Interest rate of 3% plus the Bank of England base rate; 
   -     1% arrangement fee on the total commitment; and 
   -     2% exit fee on the amount drawn down. 

The Revised Facility Agreement has been novated from Tarncourt Investments LLP to Tarncourt Properties Ltd. Tarncourt Investments LLP and Tarncourt Properties Ltd are both wholly owned subsidiaries of Tarncourt Group Holdings LLP, which is controlled by the Dickson Family.

Related Party Transaction

Barkby is entering into the Revised Facility Agreement with Tarncourt Properties Ltd, a company ultimately controlled by Charles Dickson and the Dickson Family. Charles Dickson is Executive Chairman of Barkby and a Director of the Company. Accordingly, entering into the Revised Facility Agreement constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent Directors, having consulted with the Company's nominated adviser, finnCap Ltd, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

 
Barkby Group PLC 
Charles Dickson, Executive Chairman 
 Douglas Benzie, Chief Financial Officer 
 
                                              [phone] 
finnCap Ltd (Nomad and Broker)                 0500 
Carl Holmes/Simon Hicks (corporate finance) 
 Tim Redfern (ECM) 
                                              [phone] 
Camarco (Financial PR)                         4994 
Jennifer Renwick/Phoebe Pugh 
 

Notes to editors

Barkby Group PLC is focused on commercial property development and investment, alongside its pubs business. Barkby is in the process of disposing of its Investments (comprising of Workshop Coffee, Centurian Automotive and Cambridge Sleep Sciences).

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (596/2014/EU) as it forms part of UK domestic law by virtue of the European Union (withdrawal) act 2018 ("MAR").

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December 30, 2022 02:00 ET (07:00 GMT)