Ince Group PLC - London-based legal services firm - Enters into GBP17 million three-year financing agreement with Investec Bank PLC, which replaces a prior financing agreement with Barclays PLC, which was repayable on December 31, 2021. The financing comprises a secured-term loan and a revolving credit facility. The term loan of GBP9 million is for three years, with a GBP3.2 million bullet in March 2024. The revolving credit facility of GBP8 million is available for the three-year period to March 2024.
Chief Financial Officer Simon Oakes says: "We are delighted with this medium term banking agreement which underpins the group's stable base. With our cash holdings and the undrawn part of the facility, we have considerable headroom into the future to accommodate the group's working capital needs."
Current stock price: 74.79 pence
Year-to-date change: up 68%
By Paul McGowan; paulmcgowan@alliancenews.com
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