RM PLC - Abingdon, England-based supplier of technology and resources to the education sector - Strikes deal with its lender to extend an unconditional covenant waiver to cover a test that was due to take place on Thursday. The covenant is earnings before interest, tax, depreciation and amortisation-linked. "The renegotiation of an amendment and extension of its lending facility, which matures in July 2025 is ongoing and the company still expects the renegotiation to have concluded by the end of Q1 2024," RM adds. Chief Executive Mark Cook says: "I am grateful for the continuing support of our lenders and the amendment to our facility’s covenants for the full year. Both lenders have held long term supportive relationships with the company over many years and continue to support RM as it embarks on its plans to simplify the business, reduce its net debt, and return the company to growth and profitability." Last week, RM said it had decided to close its loss-making Consortium business, part of the RM Resources division.
Current stock price: 50.42 pence, up 5.3% on Wednesday
12-month change: up 13%
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.