Pebble Beach Systems Group PLC Update on banking and board changes (0360K)

TIDMPEB

RNS Number : 0360K

Pebble Beach Systems Group PLC

06 April 2018

Pebble Beach Systems Group plc (the "Company" or the "Group")

Pebble Beach Systems Group plc, a leading global software business specialising in solutions for playout automation, and content serving customers in the broadcast markets, announces the following:

Update on Banking Arrangements

The Company is pleased to announce that is has agreed headline terms with Santander UK PLC for an amendment to the current Revolving Credit and Term Loan Facilities agreement dated 17 March 2014 to secure the facility until 30 November 2019 and is expected to include a simplification of banking covenants.

Shareholders should be aware that the heads of terms are subject to a revision of the existing documentation which we expect to conclude shortly, and will then become legally binding.

John Varney, Non-Executive Chairman, commented: "We are delighted to have agreed headline terms under which we expect to shortly secure our facilities at competitive rates. We see this as the result of our ongoing commitment to maintaining a strong banking relationship and continue to be well supported by Santander. The proposed new facilities give us the headroom to continue with our strategy to remain independent and focus on Pebble Beach Systems as a platform to rebuild the Group."

Board Changes

The Board is pleased to announce that with immediate effect, Graham Pitman will be joining the Board as a non-executive director and member of the Audit, Remuneration and Nomination Committees. Mr Pitman has extensive experience at strategic and senior operating levels within the broadcast and media technology industry.

Graham is best known as a co-founder of Pro-Bel and for initiating the merger of Pro-Bel with Snell and Wilcox to create Snell where he became Vice Chair. Graham has subsequently taken on other roles in the sector. Recently as Executive Chairman at Vidcheck, a developer and supplier of media QC software, he oversaw the sale of the business to Telestream. Graham has maintained strong connections with IABM, the Broadcast and Media industry trade association, and is currently IABM Vice Chair. Graham is also Chairman of Yospace, an innovator in Dynamic Ad Insertion across live OTT streams.

Commenting on the appointment, John Varney said, "We are delighted to welcome Graham to the Board of Pebble Beach Systems Group plc, which will benefit from the breadth of his industry experience in both the traditional and new technologies segments".

Mr Pitman holds or held the following Directorships or Partnerships in the past 5 years:

 
Current Directorships/Partnerships:  Past Directorships/Partnerships 
The International Association        Telestream UK Ltd 
 Of Broadcasting Manufacturers        ATG Danmon Limited 
 Limited                              Pro-Bel Group Limited 
 Yospace Enterprises Limited          Pro-Bel Limited 
 Yospace Technologies Limited         Snell Corporation Limited 
 Pitman Executive Solutions           Pro-Bel Developments Limited 
 Limited                              Broadcast Investments Limited 
 IABM Investments Limited             Vistek Electronics Limited 
 IABM                                 Snell & Wilcox Trustee 
                                      Limited 
                                      CEL Electronics Limited 
                                      Snell Advanced Media Limited 
                                      Acron Limited 
                                      PSP Digital Limited 
                                      Post Impressions (Systems) 
                                      Limited 
                                      Electrocraft Laboratories 
                                      Ltd 
                                      Pro-Bel Holdings Limited 
                                      HC 1230 Limited 
 

Mr Pitman currently holds 300,400 over ordinary shares of 2.5 pence in the Company.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

For further information please contact:

 
John Varney 
 Non-Executive Chairman 
 Pebble Beach Systems Group plc   [phone] 
 
Shaun Dobson / James White 
 N+1 Singer                       [phone] 
 

The Company is listed on the LSE AIM market (PEB.L). More information can be found at www.pebbleplc.com.

About Pebble Beach Systems Limited

Pebble Beach Systems Limited (Pebble) is a leading developer and supplier of automation, channel in a box, integrated and virtualised playout technology for TV broadcasters, service providers, and cable and satellite operators. Founded in 2000 and headquartered in Weybridge, Surrey, Pebble has developed a portfolio of successful products which have the flexibility to support a wide range of broadcast applications with scalable products designed for highly efficient multichannel transmission as well as complex news and sports television. Installed in more than 70 countries and with proven systems ranging from single up to over 150 channels in operation, Pebble's international client base includes TV Globo Brazil, Fox News and Business channels USA, ZDF Germany, Orbit Showtime Network UAE, TV4 Sweden, TV2 Denmark, MTG UK, DMC in the Netherlands and AMC Networks Inc. USA.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 06, 2018 02:00 ET (06:00 GMT)