Outsourcery PLC Update (4720W)

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RNS Number : 4720W

Outsourcery PLC

27 April 2016

27 April 2016

OUTSOURCERY PLC

Update

Outsourcery plc (AIM: OUT, 'Outsourcery' or 'the Company'), confirms that it has reached agreement with its principal secured lender, Vodafone, as to the terms of a new conditional drawdown working capital facility ('New Facility').

The New Facility has been structured to provide sufficient additional funding such that the Company can seek to undertake a realisation of the principal assets of the Company in the immediate term. The New Facility will be subject to a number of key terms and conditions including the appointment of a proposed Non-Executive Director.

As a result of the New Facility, proposed asset realisations and previously announced restructuring, the Board expects to announce its unqualified audited financial results for the year ended 31 December 2015 by 30 June 2016. The Company confirms that the unaudited key financial information for the year ended 31 December 2015 that was detailed in the Company's announcement of 25 April 2016 has been subject to review by the Company's auditors and has been prepared in accordance with IFRS.

It should be noted that the existing Vodafone loan remains in force and Vodafone continues to reserve its position to enforce its rights in respect of any past or future breach.

For further information please contact:

 
 Outsourcery plc 
  Piers Linney, Co-CEO 
  Simon Newton, Co-CEO             [phone] 
 
   Investec 
   Andrew Pinder / Patrick Robb      [phone] 
 
   FTI Consulting 
   Matt Dixon / Dwight Burden 
   / Rob Mindell                     [phone] 
 

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

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April 27, 2016 03:12 ET (07:12 GMT)