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Pin to quick picksHarland & Wolff Regulatory News (HARL)

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UKEF EDG Facility Update and Board Changes

19 Jul 2024 13:07

RNS Number : 1025X
Harland & Wolff Group Holdings PLC
19 July 2024
 

This announcement contains inside information

19 July 2024

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

UK Export Finance EDG Facility Update and Board Changes

Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, provides the following update in relation to the Company's £200 million Export Development Guarantee ("EDG") application.

The Department for Business and Trade ("DBT") has notified the Company that HM Government will not be proceeding with the Company's application for the EDG facility at this time. The Company has therefore expedited discussions with Riverstone Credit Management LLC ("Riverstone") in order to secure alternative new debt facilities to support the near-term working capital needs of the business following its recent significant revenue growth. These alternative financing arrangements are expected to close within the next few days.

 

Concurrent with Riverstone's financing, the Company remains in active dialogue with key stakeholders, including the UK Government, around existing and future contracts and the long-term capitalization plan for the business. As part of this longer-term planning, the Company is engaging Rothschild & Co to assess strategic options for the Group.

 

Additionally, the Company announces the following proposed Board changes:

 

· John Wood will be taking a leave of absence from his role as CEO with immediate effect.

· Subject to completion of requisite client on-boarding procedures and due diligence, Russell Downs is proposed to join the board as Interim Executive Chairman. Russell is a highly experienced finance professional after a 30-year career in a traditional big four accountancy practice helping businesses and stakeholders across a wide spectrum of industries. With notable successes returning significant value to stakeholders and securing complex refinancings, he is well placed to lead the Board at this time as it seeks to complete a recapitalisation intended to give the Company a sustainable financial footing into the medium and long term.

· Subject to completion of requisite client on-boarding procedures and due diligence, Alan Fort is proposed to join the board as a Non-Executive Director. Alan has a long track record in performance improvement, with many years of board level experience ensuring good governance and providing support and challenge to management teams to ensure that goals are clearly defined and performance is transparently monitored. Amongst other roles, Alan is currently a Non-Executive Director at the steelmaker Celsa UK.

 

Other board members will remain in place, including Arun Raman as CFO and Malcom Groat as a non-executive director. These board changes are not expected to have any material impact on the day-to-day operations of the Group.

 

The Company will make further announcements as soon as practicable detailing its new identified priorities and other relevant matters including an update on its financial reporting and lifting of the suspension of its shares.

 

Russell Downs commented:

 

"I am very pleased to take on this role after a challenging period for the Group as it transitions from one leadership team to another and deals with the increasing speculation over its future. The great weight of responsibility for all stakeholders involved in the business to secure a long-term future is crystal clear to me and I am enormously honoured to be given the responsibility to find a solution. I will be working tirelessly in consultation with employees, management, customers, suppliers, unions, government agencies and other stakeholder groups in the coming weeks."

 

For further information, please visit www.harland-wolff.com  or contact:

 

Harland & Wolff Group Holdings plc

Malcolm Groat, Chairman

Arun Raman, Chief Finance Officer

 

+44 (0)20 3900 2122

investor@harland-wolff.com

media@harland-wolff.com

h2Radnor (Investor Relations)

Neville Harris / Josh Cryer

+44 (0) 20 3897 1838

Cavendish Capital Markets Limited (Nominated Adviser & Broker)

Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance)

Michael Johnson (Sales)

 

+44 (0)20 7397 8900

Liberum Capital Limited (Joint Broker)

Nicholas How / Edward Mansfield

 

+44 (0)20 3100 2000

 

About Harland & Wolff

 

Harland & Wolff is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, energy and renewables and six services: technical services, fabrication and construction, decommissioning, repair and maintenance, in-service support and conversion.

 

Its Belfast yard is one of Europe's largest heavy engineering facilities, with deep water access, two of Europe's largest drydocks, ample quayside and vast fabrication halls. As a result of the acquisition of Harland & Wolff (Appledore) in August 2020, the company has been able to capitalise on opportunities at both ends of the ship-repair and shipbuilding markets where there will be significant demand.

 

In February 2021, the company acquired the assets of two Scottish-based yards along the east and west coasts. Now known as Harland & Wolff (Methil) and Harland & Wolff (Arnish), these facilities will focus on fabrication work within the renewables, energy and defence sectors.

 

In addition to Harland & Wolff, it owns the Islandmagee gas storage project, which is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Irish economy as a whole when completed.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCGZGMNZLVGDZM
Date   Source Headline
28th Oct 20247:00 amRNSCancellation - Harland & Wolff Group Holdings PLC
27th Sep 20243:03 pmRNSAppointment of Administrators
16th Sep 202411:00 amRNSBusiness Update
11th Sep 202412:39 pmRNSDirectorate Change
13th Aug 20243:41 pmRNSDirectorate Changes
12th Aug 202412:57 pmRNSBoard appointments & other updates
6th Aug 20248:45 amRNSFalkland Islands Port Replacement Project Update
1st Aug 20247:00 amRNSNew Facility, Board Change & Scilly Ferries Update
19th Jul 20241:07 pmRNSUKEF EDG Facility Update and Board Changes
17th Jul 202410:30 amRNSManagement Response to Financial Times Article
15th Jul 20247:00 amRNSAccounts Update
1st Jul 20247:30 amRNSSuspension - Harland & Wolff Group Holdings plc
1st Jul 20247:00 amRNSUnaudited Preliminary Results
1st Jul 20247:00 amRNSAccounts Update & Suspension
17th Jun 20244:01 pmRNSIslandmagee Energy Update
7th Jun 20243:00 pmRNSIslandmagee Judicial Update
3rd Jun 20248:53 amRNSHolding(s) in Company
15th May 20241:18 pmRNSTimes Article & Recent Speculation
6th Mar 20247:00 amRNSNew Contract Win - Arnish
5th Mar 20247:00 amRNSPreferred Bidder Award
25th Jan 202411:15 amRNSChange of Nominated Adviser and Broker
29th Dec 20237:00 amRNSUpdate re. New Credit Facility
21st Dec 20239:50 amRNSUpdate re. Possible Offer
30th Nov 20234:00 pmRNSTrading Statement
30th Nov 20238:45 amRNSForm 8.5 (EPT/NON-RI)
28th Nov 20238:47 amRNSForm 8.5 (EPT/NON-RI)
27th Nov 20238:16 amRNSForm 8.5 (EPT/NON-RI)
24th Nov 20231:13 pmRNSMello Conference
24th Nov 20237:00 amRNSStatement re Possible Offer
15th Nov 20231:30 pmRNSFurther re: Islandmagee Legal Update
8th Nov 20239:19 amRNSMoU - New Aluminium Vessel Build
7th Nov 20237:00 amRNSFirst Contract Win by Harland & Wolff (USA)
6th Nov 20237:00 amRNSContract Award
20th Oct 202312:17 pmRNSIslandmagee Legal Update
20th Oct 20237:00 amRNSContract Win - SeaRose Upgrade
9th Oct 20237:00 amRNSMaritime Operations Commencement & Isles of Scilly
15th Sep 20234:38 pmRNSPartnership with Echandia
8th Sep 20237:01 amRNSInvestor Meet Company Presentation
8th Sep 20237:00 amRNSHalf-year Report
31st Aug 202310:38 amRNSIslandmagee Judicial Review Update
30th Aug 20237:00 amRNSProposed Ferry Build & Operate Programme
21st Aug 20237:00 amRNSIslandmagee Judicial Review Update
3rd Aug 20237:00 amRNSNew Aberdeen Subsidiary
1st Aug 20237:00 amRNSContract Win - Heavy Lift Vessel
31st Jul 20237:00 amRNSLetter of Intent – Major Vessel Refurbishment
28th Jul 20231:37 pmRNSAGM Voting Results
26th Jul 20238:53 amRNSResult of AGM
19th Jul 20237:00 amRNSVirtual Investor Event
30th Jun 20235:56 pmRNSAnnual Financial Report
23rd Jun 20232:00 pmRNSAnnual Results Update

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