Warning  Please take our Crypto Currency survey here
London South East Logo | UK Share Price information



Register
Login:
Share:
Email Facebook Twitter




Srt Marine Sys. Regulatory News (SRT)



Regulatory News for Srt Marine Sys. (SRT)


Share Price: 33.00Bid: 31.00Ask: 35.00Change: 0.50 (+1.54%)Riser - Srt Marine Sys.
Spread: 4.00Spread as %: 12.90%Open: 31.50High: 0.00Low: 0.00Yesterday’s Close: 32.50





£10 million working capital facility

Mon, 25th Sep 2017 07:00

RNS Number : 6388R
SRT Marine Systems PLC
25 September 2017
 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

£10 million working capital facility

SRT Marine Systems plc ('SRT'), the provider of maritime tracking, management and surveillance technologies, products and integrated system solutions for ports, waterways, fisheries and coast guards, announces that it has agreed terms for the establishment of a £10 million secured loan note programme to provide a flexible source of working capital to support the growth its maritime domain awareness (MDA) systems business and the building of a satellite vessel monitoring system, OCEAN-SCAN announced separately today, which will provide long range vessel tracking data to MDA system customers and recurring revenues for SRT.

The £10 million secured loan note programme has been arranged by LGB Corporate Finance. The programme will enable SRT to issue secured loan notes in series to meet the Company's financing requirements flexibly as they arise. An initial issue of £2 million of secured loan notes, which was oversubscribed, has been completed and the proceeds received by SRT. This programme can be enlarged up to £10 million, at the Company's request. The secured loan notes are expected to be listed on the Bermuda Stock Exchange around 31 October 2017.

The loans will be secured and rank second to a senior secured term facility with Barclays Bank, under which £750,000 is currently outstanding. Each loan note may be repaid at any time within their three year term with a 0.5% redemption fee and annualised coupon of 9.5% payable on the outstanding amounts.    

Simon Tucker, CEO of SRT Marine Systems, commented:

"This program provides SRT with a significant, flexible and non-dilutive source of working capital that we can use as needed to support our expansion plans. This enhances SRT's ability to accommodate multiple simultaneous projects as well as the financial security to expand our product development program, including the commissioning of our new OCEAN-SCAN satellite system for long range tracking and detection of vessels that will generate a new recurring revenue source from our projects from 2019."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.



For further information, please contact:

 

 

SRT Marine Systems plc

www.srt-marine.com 

+ 44 (0) 1761 409500

 

 

Simon Tucker (CEO)

simon.tucker@srt-marine.com

 

Louise Coates (Marketing Manager)

louise.coates@srt-marine.com

 

 

finnCap Ltd

 

 

Jonny Franklin-Adams / Simon Hicks (Corporate Finance)

+44 (0) 20 7220 0500

 

Emily Morris / Camille Gochez (Corporate Broking)

 

 



About SRT Marine Systems plc:

SRT develops, manufactures and supplies maritime vessel tracking technology and turn-key system solutions to marine stakeholders across the globe with a particular expertise in AIS. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IODLLFVAATISFID


Related Shares:
SRT Marine Systems (SRT)




DateSourceHeadlineCategory
01-Dec-17 07:00RNSIssue of EquityCompany Announcement - General
14-Nov-17 07:00RNSHalf-year ReportResults and Trading Reports
08-Nov-17 07:00RNS-RLive Webcast 14 November 2017Company Announcement - General
10-Oct-17 07:00RNSHalf Year Trading UpdateResults and Trading Reports
25-Sep-17 07:00RNSOCEAN-SCAN Satellite SystemCompany Announcement - General
25-Sep-17 07:00RNS£10 million working capital facilityCompany Announcement - General
31-Aug-17 07:00RNSOEM AIS Product Supply Contract SignedCompany Announcement - General
18-Aug-17 07:00RNSAIS Aids to Navigation ContractCompany Announcement - General
17-Aug-17 07:00RNSDirectorate ChangeExecutive Changes
31-Jul-17 07:01RNS-RLive webcast 4 August 2017Company Announcement - General
31-Jul-17 07:00RNSMDM Contract UpdateCompany Announcement - General
12-Jul-17 14:21RNSResult of AGMResults and Trading Reports
23-Jun-17 07:00RNS-RAIS contract for SomaliaCompany Announcement - General
13-Jun-17 12:00RNSIssue of EquityCompany Announcement - General
07-Jun-17 07:00RNSFinal Results for the year ended 31 March 2017Results and Trading Reports
02-Jun-17 07:00RNSIssue of EquityCompany Announcement - General
11-May-17 07:00RNSIssue of EquityCompany Announcement - General
27-Apr-17 07:00RNS-RLive Webcast 2 May 2017Company Announcement - General
13-Apr-17 07:00RNSTrading UpdateResults and Trading Reports
30-Mar-17 07:00RNSSRT signs MDM contractCompany Announcement - General
14-Feb-17 07:00RNSAfrican fisheries monitoring project orderCompany Announcement - General
20-Dec-16 07:00RNSChange of AdviserExecutive Changes
15-Nov-16 15:00RNSIssue of EquityCompany Announcement - General
15-Nov-16 07:00RNSHalf-year ReportResults and Trading Reports
14-Oct-16 07:00RNSVessel Tracking Order Received for Saudi ArabiaCompany Announcement - General
06-Oct-16 07:00RNSHalf Year Trading UpdateResults and Trading Reports
12-Sep-16 07:00RNSAIS Identifier order for West Africa VMS ProjectCompany Announcement - General
16-Aug-16 07:00RNS-RSRT revises AIS Satellite AgreementCompany Announcement - General
10-Aug-16 07:00RNSDirector/PDMR ShareholdingCompany Announcement - General
08-Aug-16 15:38RNSGrant of Share OptionsCompany Announcement - General


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.