26 Sep 2019 14:42
26 September 2019
Brady PLC
("Brady", the "Company" or the "Group")
Funding Update
Brady plc, the leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, announced on 23 September 2019 that the Company will require access to a modest level of additional working capital to support the Company's existing operations prior to the end of November 2019.
The Company also then confirmed that it was advancing a number of financing options to provide increased working capital to meet the Group's liquidity requirements in the required timeframe, whilst also advancing financing options to underpin a wider strategic product plan described in the Company's interim results for the period ended 30 June 2019.
The Board now confirms that the Company is advancing funding initiatives to provide the Company with access to approximately £1.5 million to meet the working capital requirements of the Group prior to 30 November 2019 to support existing operations.
In addition, the Company estimates that its forward-looking strategic product plan, intended to enhance the Group's execution fundamentals and expand the Group's market reach, would throughout the course of its full multi-year implementation require up to a maximum of £15 million of capital, from internal or external sources, to implement and the Company also intends to continue to pursue financing options to underpin this strategy.
For further information please contact:
Brady plc Carmen Carey, Chief Executive Martin Thorneycroft, Chief Financial Officer |
Telephone: +44 (0)20 3301 1200 |
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Cenkos Securities Ben Jeynes / Cameron MacRitchie
| Telephone: +44 (0)20 7397 8900
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Newgate Communications Bob Huxford / Ian Silvera / Megan Kovach | Telephone: +44 (0)20 7382 4730
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About Brady
Brady plc (BRY.L) is the largest European-headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined metals, soft commodities and agriculturals.
Brady has 30 years' expertise in the commodity markets and its clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
For further information visit: www.bradyplc.com
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