FireAngel Safety Technology Group Drawdown of loan facility

RNS Number : 9309A

FireAngel Safety Technology Group

25 January 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) No. 596/2014 AS IT FORMS PART OF ENGLISH LAW BY VIRTUE THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED).

25 January 2024

 

FireAngel Safety Technology Group plc

('FireAngel', the 'Group' or the 'Company')

 

Drawdown of loan facility

 

As referred to in the announcement of 27 October 2023 setting out the terms of a recommended cash offer made by Intelligent Safety Electronics Pte. Ltd ("ISE") for the issued and to be issued share capital of FireAngel not already owned or controlled by ISE (the "Offer"), ISE and FireAngel entered into a facility agreement pursuant to the terms of which ISE agreed to make available a loan facility (the "Facility") to FireAngel of up to £1.0 million to fund the business of FireAngel to be utilised, if required, from 1 January 2024, until 30 June 2024. The availability of the Facility was subject to the Offer not being completed by 31 December 2023 or having been withdrawn, lapsed or terminated and it continuing to be recommended by the directors of FireAngel and usual events of default not continuing.

 

In accordance with the terms of the Facility, FireAngel has today drawn down, and received from ISE, £1.0 million, which it proposes to use for general working capital purposes. Interest shall accrue at 6 per cent. per annum. The loan together with any interest shall be repayable on the date falling 3 months after the earlier of:

 

(a) the Secretary of State notifying ISE that no further action will be taken in relation to the Offer pursuant to section18(8)(b)(ii) of the National Security and Investment Act 2021 ("NSIA"); or

 

(b) in the event that a call-in notice is given in relation to the Offer under section 1 of the NSIA, either:

 

(i) the Secretary of State giving a final notification pursuant to section 26(1)(b) of the NSIA in relation to the Offer; or

 

(ii) the Secretary of State making a final order pursuant to section 26(1)(a) of the NSIA in relation to the Offer; or

 

(c) the date upon which the Offer lapses, is terminated or is withdrawn.

 

Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Offer Document issued by ISE on 2 November 2023.

 

 

 

For further information, please contact:

 

FireAngel Safety Technology Group plc	024 7771 7700
Andrew Blazye, Non-Executive Chair Neil Radley, Chief Executive Officer Zoe Fox, Chief Finance Officer
PwC (Rule 3 Financial Adviser)
Iain Reilly/Jon Raggett/Marcela Salgado Escalante	020 7583 5000
Shore Capital (Nominated adviser and broker)	020 7408 4050
Tom Griffiths/David Coaten/Tom Knibbs
Houston (Financial PR)	0204 529 0549
Kate Hoare/Kelsey Traynor/Ben Robinson

 

Notes to Editors

 

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.

 

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under FireAngel' s leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye. 

 

For further product information, please visit: www.fireangeltech.com  

 

 

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