Last checked at 10 Sep 2009 16:20
GETECH Group plc
("GETECH" or the "Company")
Debt facility
GETECH, a leading oil services business specialising in the provision of data, studies and interpretation services to the oil and mining exploration sectors announces completion of a debt facility.
The Company has today executed an agreement with the National Westminster Bank plc pursuant to which a loan facility of £1million has been made available to the Company (the "Loan Facility"). 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 is repayable over four years, although repayments are deferred for a period of six months from the date of the agreement. This loan is secured by a fixed and floating charge over all the Company's assets, including the property at Elmete Hall. Interest on amounts drawn down under the Loan Facility is variable and charged at 1.6% over 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 issue even if 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 believe is fully justified".
For further information, please contact:
| GETECH Group plc | |
| Derek Fairhead, Executive Chairman Raymond Wolfson, Chief Executive | 0113 322 2200 |
| WH Ireland Limited | |
| Katy Mitchell | 0161 832 2174 |
| Gary Marshall | 0113 394 6610 |