30 Nov 2015 07:00
30 November 2015
PhotonStar LED Group Plc
New working capital facility
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of smart LED lighting solutions, has replaced its current trade finance facility with a working capital facility of up to £1.65m.
The current trade finance facility of up to £1.30m has been replaced by a new working capital facility of up to £1.65m provided by ABN AMRO Commercial Finance PLC. This new facility provides greater flexibility to the Group in its drawdown arrangements and concentration limits for larger customers.
The Group noted in its Annual Report for the year ended 31 December 2014, published on 2 June 2015, that it was in the process of renewing its bank facilities, with the possibility of seeking additional working capital facilities to finance the expansion of its LED Luminaire business and its Camtronics Vale Limited manufacturing facility.
James McKenzie, the CEO of PhotonStar commented:
"We are delighted to be working with ABN AMRO Commercial Finance PLC and that they are providing a new working capital facility which provides greater flexibility to the Group in the management of its working capital arrangements."
For further information:
PhotonStar LED Group Plc (www.photonstarled.com) | +44 (0)2381 230381 |
James McKenzie - Group Chief Executive | |
finnCap | +44 (0)20 7600 1658 |
Geoff Nash/Adrian Hargrave/Giles Rolls (Corporate Finance) | |
Malar Velaigam (Corporate Broking) | |
Instinctif Partners | +44 (0)20 7457 2020 |
Kay Larsen/Chantal Woolcock |
ABN AMRO Commercial Finance PLC
www.abnamrocommercialfinance.co.uk
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and manufacturer of intelligent lighting solutions. The Group's proprietary technology Halcyon™ is a connected lighting platform that includes hardware and software for wireless, microprocessor controlled retrofit LED lighting and control systems, optimised for energy saving, circadian and data-centric applications.
As light is needed wherever there are people, the Halcyon™ platform can also provide a connected grid that will enable rich data collection, as well as an ecosystem to enable other devices to operate.
The Group is based in Romsey, Hampshire with manufacturing in Wales.