Distribution Finance Cap. Hldgs PLC Waiver Extension and Bank Licence Update (4956I)

TIDMDFCH

RNS Number : 4956I

Distribution Finance Cap. Hldgs PLC

01 April 2020

1(st) April 2020

Distribution Finance Capital Holdings plc

("DFC" or the "Company" or together with its subsidiaries the "DFC Group")

Waiver Extension and Bank Licence Update

On 4 November 2019, the Company announced that it had approached its senior and senior mezzanine facility lenders (the "Lenders") to seek a waiver of an early amortisation provision in its funding facilities ("Facilities") triggered by the departure of the CEO. Subsequently, on 23rd December 2019, the Company announced that each Lender had granted a waiver, subject to certain terms and conditions, and continued review of the Facilities during the first quarter of 2020, and in particular, progress concerning the appointment of a permanent CEO, the obtaining of a banking licence and the continued performance of the book.

On 5 February 2020, the Company announced the appointment of a new permanent CEO (Carl D'Ammassa) and that the bank licence process was ongoing. Since that time, the appropriate SMR application has been submitted to the relevant regulatory authorities, who, despite COVID-19, continue to consider it as part of the overall banking licence process.

The Company had been in constructive discussions with the Lenders over the first quarter with a view to agreeing a permanent amendment to the Facilities, and to thereby remove the need for further waivers going forward. However in light of the evolving COVID-19 crisis and in particular the need for the Company's future facilities to respond flexibly to the emerging market environment and customer needs, the Company has requested the umbrella of a further waiver period until 30 June 2020 to continue discussions over the longer term shape of the Facilities. Accordingly, the Lenders have agreed to an extension of the current waiver, whilst discussions over the further waiver period to 30 June 2020 continue over the next few weeks. The Company will make further updates as appropriate.

Enquiries:

Distribution Finance Capital Holdings plc

Carl D'Ammassa - Chief Executive Officer [phone]

http://www.dfcapital-investors.com

Macquarie Capital (Europe) Limited (NOMAD and broker)

Alex Reynolds [phone]

Jonny Allison

Blue Pool Communications (Financial PR)

Nick Lord [phone]

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April 02, 2020 02:00 ET (06:00 GMT)