City Briefs: 365Agile; Autins Group; Rolls-Royce
SUTTON COLDFIELD IT group 365Agile has agreed a new loan deal.
The Company has £335,000 5% loan notes outstanding which were issued at the time of its acquisition of Easytherm and these are due to be repaid on Wednesday (November 23).
In order to meet its repayment obligations the company has agreed a £275,000 loan facility with MXC Capital.
Interest is payable on the loan at a rate of 10%. The loan is unsecured, has a one year term and, in the absence of a qualifying acquisition, will be repaid with the cash receipts from the company’s licence agreement with Castleton Technology.
In a market update, the firm said MXC was a related party of the company by virtue of being a substantial shareholder in the business.
Clive Carver, an independent director of 365Agile, is said to have consulted with the company’s nominated adviser, finnCap, to confirm that the terms of the loan are fair and reasonable insofar as the company’s shareholders are concerned.
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AUTOMOTIVE supplier Autins Group has secured new and enhanced bank facilities with HSBC.
The Warwickshire business, which designs, manufactures and supplies acoustic and thermal insulation solutions for the automotive sector, has agreed a three-year facility for a total of £10.5m split between £4.5m of asset finance and £6m invoice discounting.
The agreement replaces the group’s existing facilities with Santander and the new facilities are being provided at a lower interest rate and with simpler group wide covenants.
The group will publish a trading update for the financial year ended September 30, 2016 in December.
Jim Griffin, CEO, said: “The new banking facilities will further strengthen our financial position, extend the group’s debt maturities, reduce our finance costs and support our growth strategy. In addition, they will provide greater control and visibility of the group’s cash and facilities to allow funds to be put to the best use for Autins’ strategic aims, and is in line with the commitments made at the time of the company’s IPO in August.”
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A Non-Executive Director with Rolls-Royce has announced he is stepping down from the business with immediate effect.
Alan Davies joined the board on November 1, 2015 and was a member of the Nominations and Governance Committee, the Audit Committee and the Safety and Ethics Committee.
Ian Davis, chairman, Rolls-Royce said: “I am hugely grateful to Alan for the contribution he has made to the board. His expertise and perspectives will be greatly missed. He has been a highly valued colleague and board member.”
