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Last checked at 
10 Sep 2009 16:20
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GETECHΒ Group plcΒ
("GETECH" orΒ the "Company")
DebtΒ facility
GETECH, a leading oil services business specialising in the provision of data, studies and interpretation services to the oil and mining exploration sectorsΒ announces completion of a debt facility.
The Company has todayΒ executed an agreementΒ with the National WestminsterΒ BankΒ plcΒ pursuant to whichΒ a loanΒ facilityΒ ofΒ Β£1million has been made available to the Company (the "Loan Facility").Β It is anticipated that the full amount of the Loan Facility will be drawn down over the next few weeks.
Any amount drawn down pursuant to the Loan Facility isΒ repayable over four years, although repayments are deferred for a period ofΒ six monthsΒ from the date of the agreement.Β This loan is secured by a fixed and floating charge overΒ allΒ theΒ Company's assets, including the property at Elmete Hall.Β Interest onΒ amounts drawn down underΒ theΒ LoanΒ FacilityΒ is variable and charged at 1.6% overΒ the London Interbank Offered Rate ("LIBOR").
Raymond Wolfson, Chief Executive commented "While we continue to see strong interest in our products and services, we believe it prudent to ensure that cash does not become an issueΒ even ifΒ oil company budgets remain tight for an extended period. This loan reflects confidence from our bank in the future of the Company, a confidence which I believeΒ is fully justified".
For further information, please contact:
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GETECHΒ Group plc |
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Derek Fairhead, Executive Chairman Raymond Wolfson, Chief Executive |
0113 322 2200 |
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WH Ireland Limited |
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Katy Mitchell |
0161 832Β 2174 |
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Gary Marshall |
0113 394 6610 |
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