Kromek Group PLC Financing Update (9178N)
28 Septembre 2023 - 8:00AM
UK Regulatory
TIDMKMK
RNS Number : 9178N
Kromek Group PLC
28 September 2023
28 September 2023
Kromek Group plc
("Kromek" or the "Company" or the "Group")
Financing Update
Further to the Group's announcement of 6 September 2023, Kromek
(AIM: KMK), a leading developer of radiation and bio-detection
technology solutions for the advanced imaging and CBRN detection
segments, is pleased to announce that it has completed the
refinancing of its borrowing facility with the signing of a new
GBP5.5m secured term loan (the "New Facility"). The New Facility is
being provided by Polymer N2 Ltd ("Polymer"), a significant
shareholder in the Company that is an investment vehicle controlled
by Dr Graeme Speirs.
The New Facility has a repayment date for the principal sum of
27 March 2025, with an option to extend for a further 12 months. It
carries a fixed interest rate of 9.5%, which is payable quarterly,
and Kromek has the option to pay the interest through the issue of
new ordinary shares of 1p each in the Company ("Ordinary Shares")
at the trailing 10-day volume weighted average price of the
Company's Ordinary Shares on the date that payment falls due.
Polymer and Dr Speirs hold an aggregate of 57,826,457 Ordinary
Shares in Kromek, representing 9.6% of the issued share capital of
the Company. The Company commenced discussions to replace the
existing facility in early 2023 and ran a competitive process to
source alternative debt providers. The overall terms offered by
Polymer were more competitive than those received from any other
potential lender.
Arnab Basu, CEO of Kromek, said: "We are pleased to have
completed this financing process and to have secured an enlarged
debt facility on more favourable terms than the alternatives on
offer. We are thankful for this support from our major long-term
shareholder who has provided this loan at an interest rate that is
only 0.4% higher than the current rate on our previous facility. As
we said at the time of our full year results, we entered the
current financial year with a much-strengthened balance sheet and
heightened commercial momentum. With this new financing in place,
our position is further improved and, accordingly, we remain on
track to deliver strong revenue growth and be EBITDA positive for
the full year."
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Paul Farquhar, CFO +44 (0)1740 626 060
Cavendish Capital Markets Limited (Nominated
Adviser and Broker)
Geoff Nash/Giles Balleny/Seamus Fricker -
Corporate Finance
Tim Redfern/Charlotte Sutcliffe - ECM
Michael Johnson/Tamar Cranford-Smith - Sales +44 (0)20 7220 0500
Gracechurch Group (Financial PR)
Harry Chathli/Claire Norbury/Henry Gamble +44 (0)20 4582 3500
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"), and is disclosed in accordance with the Company's
obligations under Article 17 of MAR. The person responsible for
making this announcement on behalf of the Company is Paul Farquhar,
Chief Financial Officer.
Kromek Group plc
Kromek Group plc is a leading developer of radiation detection
and bio-detection technology solutions for the advanced imaging and
CBRN detection segments. Headquartered in County Durham, UK, Kromek
has manufacturing operations in the UK and US, delivering on the
vision of enhancing the quality of life through innovative
detection technology solutions.
The advanced imaging segment comprises the medical (including CT
and SPECT), security and industrial markets. Kromek provides its
OEM customers with detector components, based on its core cadmium
zinc telluride (CZT) platform, to enable better detection of
diseases such as cancer and Alzheimer's, contamination in
industrial manufacture and explosives in aviation settings.
In CBRN detection, the Group provides nuclear radiation
detection solutions to the global homeland defence and security
market. Kromek's compact, handheld, high-performance radiation
detectors, based on advanced scintillation and solid-state readout
technology, are primarily used to protect critical infrastructure,
events, personnel and urban environments from the threat of 'dirty
bombs'.
The Group is also developing bio-security solutions in the CBRN
detection segment. These consist of fully automated and autonomous
systems to detect a wide range of airborne pathogens.
Kromek is listed on AIM, a market of the London Stock Exchange,
under the trading symbol 'KMK'.
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