Last checked at 23 Dec 2019 18:19
23rd December 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
Distribution Finance Capital Holdings plc("DFC" or the "Company" or together with its subsidiaries the "DFC Group")
Corporate Update
In November 2019, the Company announced the departure of the former Chief Executive Officer and that such a change of management constituted a waivable early amortisation event pursuant to the DFC Group's funding facilities with its senior and senior mezzanine facility lenders (the "Lenders"). The Company informed the Lenders of the change in management immediately and then sought a waiver of this provision in accordance with the terms of the DFC Group's funding facilities.
The DFC Group today announces that, following such request, it has been granted a waiver by each Lender, subject to certain terms and conditions, and in accordance with which the funding facilities provided by the Lenders will remain in place. Our Lenders, shareholders and other interested parties are, as to be expected, monitoring the Company's progress concerning the appointment of a permanent Chief Executive Officer and the obtaining of a banking licence. During the first quarter 2020, the Lenders will continue to review the Company's funding facilities and wider business plans in light of progress in respect of these matters and the continued performance of the book. The Company will make a further update as appropriate at the time of, or before, the Company's full year results which are expected to be released in April 2020.
The person responsible for arranging for the release of this announcement on behalf of DFC is Henry Kenner.
Enquiries:
Distribution Finance Capital Holdings plc
Henry Kenner, Acting Chief Executive Officer +44 (0) 20 3937 6436
http://www.dfcapital-investors.com
Macquarie Capital (Europe) Limited (NOMAD and broker)
Alex Reynolds +44 (0) 20 3037 2000
Jonny Allison
Blue Pool Communications (Financial PR)
Nick Lord +44 (0) 7501 271 083
Forward looking statements
This announcement contains forward looking statements with respect to the business, strategy and plans of the company and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about DFC or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. DFC's actual future results may differ materially from the results expressed or implied in these forward-looking statements as a result of a variety of factors. These include UK domestic and global economy and business conditions, risks concerning borrower credit quality, market related risks including interest rate risk, inherent risks regarding market conditions and similar contingencies outside DFC's control, any adverse experience in inherent operational risks, any unexpected developments in regulation or regulatory and other factors.