(Alliance News) - Northgate PLC said Monday, prior to its annual general meeting, that Chair Avril Palmer-Baunack has commenced a strategic review into Northgate's growth options.
The vehicle hire and sales company said the review will be focused on "clarifying the significant intrinsic value of Northgate", looking at both its core business and actions that could increase the company's scale and value.
In addition, Northgate said it has refinanced its committed bank facilities. The company now has a facility of GBP557.5 million, comprising a GBP477.5 million multi-currency revolving credit facility due November 2023 and a GBP80 million term loan due November 2022.
Also, Northgate has appointed Alexander Mark Butcher as non-executive director with effect on Tuesday. On the same date, Jill Caseberry will step down from the same role after seven years since 2012.
Butcher's most recent role was as investment director at GPG UK Holdings PLC, the UK arm of investment firm Guinness Peat Group PLC, which he left in 2012.
For the year ending April 30, 2020 to date, Northgate has traded in line with management expectations, it said, however it remains cautious in the face of continued Brexit-related political and economical uncertainty.
Shares in Northgate were up 3.5% at 313.00 pence on Monday.
