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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maypole Group | LSE:MPG | London | Ordinary Share | GB0034318898 | ORD 0.3P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMPG RNS Number : 9779B Maypole Group plc 04 November 2009 Maypole Group Plc (`Maypole' or the 'Group') Maypole Group plc completes refinancing 4 November 2009 Maypole Group plc, the AIM quoted UK countryside hotels with restaurants group, today announces that it has completed its refinancing with its existing bankers Clydesdale Bank plc. The refinancing has restructured the Group's debt which will lead to improved cash flow through delayed capital and interest repayments and new funding being brought into the business. Long Term Loans The Company's existing long term loan of GBP7.42m at 7.45% per annum has been re-set at GBP7.407m at 8.95% per annum (being 5.45% fixed with a 3.5% margin). Capital repayments under the new facility have been deferred until March 2011 with earlier repayments potentially required if the Group meets minimum operating cashflow targets. The loan remains repayable in February 2029. Leasehold Facilities The Group currently has two medium term leasehold loan facilities totalling GBP0.79m at 2% above bank base rate. Some GBP0.437m of these facilities have been drawn down and were due for repayment in May and July 2012. These facilities, together with GBP0.45m formerly available under the Group's overdraft facility, have now been combined into one long term loan of GBP1.25m repayable on 28 February 2022, including a further GBP0.363m available for drawdown. Interest will be charged at 15% per annum above LIBOR and is to be repaid at the end of the loan. A monthly monitoring fee is also payable. Overdraft Facility Following conversion of GBP0.45m of the Group's on demand overdraft facility into a long term loan, the Group's overdraft facility now stands at GBP0.15m, expiring in May 2010, at an increased interest rate of 4% per annum above the Clydesdale base rate. Blocked Account As security for its loan arrangements and in addition to various charges and guarantees given by Group companies and certain directors, Clydesdale Bank plc has the benefit of GBP2.05m on a blocked deposit. Interest receivable by the Group on this will be increased from 0.5% to 3.5% per annum, equal to the margin on the long term loan described above. Deferred Consideration - Transaction with Directors GBP250,000 was due to be paid by the Group as deferred consideration to the vendors of Wayford Bridge Inn on 28 February 2009 along with interest accruing at 15% per annum and, since end February 2009, 20% per annum. Simon Bentley and Alastair McEwen, directors of Maypole, have directly assumed the obligation to repay the vendors all such principal and the vendors have accordingly released all security which they held in respect of the Group. In return for this the Group has entered into subordinated unsecured loan agreements with Messrs Bentley and McEwen each for GBP125,000, with interest accruing at 10% per annum and all principal and interest to be repaid on maturity of the loans in two years' time. The independent directors, having consulted with Blomfield Corporate Finance Ltd, Maypole's nominated adviser, consider that the terms of this re-financing are fair and reasonable insofar as its shareholders are concerned. Simon Bentley is also a substantial shareholder in Maypole. In addition to the GBP250,000 advanced by Messrs Bentley and McEwen in connection with the new loan, Mr Bentley and entities associated with him have advanced the following sums to the Company, which are subordinated to the Clydesdale indebtedness and on which interest is being rolled-up to maturity: +------------------+------------------+------------------+------------------+ | Sum | Advance date | Term | Coupon | +------------------+------------------+------------------+------------------+ | GBP100,000 | 28 January 2009 | On demand | 18% | +------------------+------------------+------------------+------------------+ | *GBP450,000 | 3 December 2008 | On demand | 18% | +------------------+------------------+------------------+------------------+ | GBP600,000 | 21 October 2008 | 2 years | 18% | +------------------+------------------+------------------+------------------+ | **GBP55,000 | 25 January 2007 | 2 | 15% | | | | years, extended | | +------------------+------------------+------------------+------------------+ * - advanced by Regents Park Estates Limited, wholly-owned by Mr Bentley. ** - advanced by Regents Park Estates Pension Scheme, a pension scheme of which Mr Bentley is the sole beneficiary. For further information: +----------------------------------------------+----------------------------+ | Maypole Group plc | 020 7317 8022 | +----------------------------------------------+----------------------------+ | Simon Bentley - Chairman | | +----------------------------------------------+----------------------------+ | | | +----------------------------------------------+----------------------------+ | Blomfield Corporate Finance Ltd | 020 7444 0800 | +----------------------------------------------+----------------------------+ | Peter Trevelyan-Clark / Alan MacKenzie / | | | Ben Jeynes | | +----------------------------------------------+----------------------------+ | | | +----------------------------------------------+----------------------------+ | Alexander David Securities Ltd | 020 7448 9820 | +----------------------------------------------+----------------------------+ | David Scott / Bill Sharp | | +----------------------------------------------+----------------------------+ | | | +----------------------------------------------+----------------------------+ | Weber Shandwick Financial | 020 7067 0700 | +----------------------------------------------+----------------------------+ | Nick Dibden / Katie Matthews | | +----------------------------------------------+----------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END STRUSANRKKRARAA
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