Artisanal Spirits Co PLC - Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies - Announces new GBP15 million financing facility via new partner Ferovinum Ltd, a London-based business-to-business service company. As part of the agreement, Ferovinum extends to Artisanal GBP2.6 million in cash through a cask spirit parcel valuation of GBP3.8 million at 70% loan to value ratio for a maximum of two years. Artisanal Chief Executive Andrew Dane says: "This is an exciting development giving the group further financial flexibility without increasing gross debt whilst demonstrating the value of the group's assets. ASC has two value streams: the core trading business and its inventory where the value of our spirit casks has been proven by Ferovinum extending capital at retail valuations underpinning the worth of our inventory, providing financial flexibility and giving us further confidence in the company's investment strategy and asset base."
Current stock price: 66.80 pence, up 4.4% on Friday
12-month change: down 9.7%
By Tom Budszus, Alliance News reporter
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Artisanal Sp.co (ART)