Kinovo PLC Renewal of Debt Facilities (7881B)

TIDMKINO

RNS Number : 7881B

Kinovo PLC

05 October 2022

5 October 2022

Kinovo plc

("Kinovo" or the "Company")

Renewal of Debt Facilities

Kinovo Plc (AIM: KINO), the specialist property services group that delivers compliance and sustainability solutions, is pleased to confirm that it has completed the refinancing of its GBP1.5 million term loan ("Term Loan") with its partner, HSBC UK Bank plc, together with the annual renewal of the current GBP2.5 million overdraft facility ("Overdraft").

As at 30 September 2022, Kinovo's net debt position had reduced to GBP0.1 million (H1 2022: GBP1.7 million) with a cash balance of GBP1.7 million (H1 2022: GBP2.2 million).

The Term Loan is a 12-month facility and there will be GBP0.38 million quarterly repayments starting in November 2022. The interest cost on the Term Loan is 4.00% above the compounded Sterling Overnight Index Average ("SONIA"). The total expenses permitted to be incurred on DCB (Kent) Limited are GBP4.6 million.

The Overdraft is repayable on demand and subject to an annual review. The cost of the Overdraft is held at an interest rate of 3.00% above the Bank of England base rate.

The covenants on the Term Loan will be tested monthly and quarterly and they are (i) achievement of minimum levels of EBITDA; (ii) minimum liquidity; and (iii) interest cover.

David Bullen, Chief Executive Officer of Kinovo plc, commented:

"We are pleased to have agreed new debt facilities with our partner HSBC Bank UK, strengthening Kinovo's financial stability. As highlighted in our recent trading update, despite the challenging macro-economic conditions, the momentum of our strong operational and financial performance has been maintained throughout the first half of the year."

Enquiries

 
 Kinovo plc 
 Sangita Shah, Chairman                          [phone] 
  David Bullen, Chief Executive Officer           (via Hudson Sandler) 
 
 Canaccord Genuity Limited (Nominated Adviser 
  and Sole Broker)                               [phone] 
 Adam James 
  Andrew Potts 
  Harry Rees 
 
 Hudson Sandler (Financial PR)                   [phone] 
 Dan de Belder 
  Harry Griffiths 
 

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October 05, 2022 02:00 ET (06:00 GMT)