Marwyn Management Partners PLC New Group Secured Credit Facility (4229W)
27 Avril 2016 - 8:00AM
UK Regulatory
TIDMMMP
RNS Number : 4229W
Marwyn Management Partners PLC
27 April 2016
MARWYN MANAGEMENT PARTNERS PLC ("MMP")
New Group Secured Credit Facility
The Board of Directors of MMP announces today that following an
extensive consultation process with employees in MMP's subsidiary
Le Chameau SAS ("Le Chameau"), a consolidation of Le Chameau's
manufacturing operations will take place, resulting in a number of
redundancies (the "Process"). The Board believes that the resulting
efficiency benefits will better enable Le Chameau to deliver long
term value for shareholders.
Ongoing, production will continue at the business's existing
Morocco factory which has been operational since 1949 and in 2015
accounted for over 85% of boot production. Furthermore, investment
in the Moroccan factory has begun in order to increase the capacity
of the site, which will enable the business to manage the
additional production requirements resulting from anticipated
future demand.
To provide funding for the Process, MMP and its subsidiary
Marwyn Management Partners Subsidiary Limited ("MMPSL") have
entered into a new circa GBP4.7 million credit facility (the
"Facility") with Marwyn Value Investors LP ("MVI"). The Facility
has a two year term, is repayable in full at maturity and will be
secured by way of a charge over the shares and security over the
bank accounts of certain MMP Group entities. A commitment fee of
1.5% per annum is payable on undrawn amounts under the Facility.
Interest is payable on amounts drawn down under the Facility at 8%
per annum.
MVI holds 90.1% of the outstanding share capital of MMP; James
Corsellis and Mark Brangstrup Watts are directors of both MMP and
MVI's manager, Marwyn Asset Management Limited, accordingly they
are not considered independent for the purposes of the AIM Rules
for Companies. The Independent Directors of MMP, being Mark
Kirkland, Ian Steer, Robert Ware and Stephen East consider, having
consulted with WH Ireland Limited, MMP's nominated adviser, that
the terms of the Facility are fair and reasonable insofar as MMP's
shareholders are concerned.
MMP's results for the year to 31 December 2015 will be released
on 28 April 2016.
Enquiries:
Marwyn Management Partners plc
+ 44 (0) 207 004 2700
Mark Kirkland
WH Ireland Limited
020 7220 1666
Paul Shackleton / Mark Leonard
This information is provided by RNS
The company news service from the London Stock Exchange
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