11 Oct 2018 07:44
11th October 2018
TLA Worldwide plc
("TLA" or "the Group")
Agreement with SunTrust Bank
Further to the announcement on 28 September 2018, TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, is pleased to announce that it has reached an agreement with SunTrust Bank to provide additional working capital headroom through deferment of principal and interest payments together with the waiver of covenants.
The provision of additional funding headroom by SunTrust Bank provides TLA with sufficient working capital and as such TLA does not need to undertake an external fundraise in the immediate future. As stated on 24 September, the strategic review, led by Executive Chairman Ian Gray, is well underway and FTI Capital Advisors have been appointed to assist the Company in the process of selling its US business.
Ian Gray commented "We are pleased to have come to a positive resolution with SunTrust Bank. They have been extremely supportive partner and we continue to work closely with them. With this resolved, we can now push ahead with finalising the strategic review and focus on the business."
Enquiries:
TLA Worldwide | |
Ian Gray, Executive Chairman | +44 20 7618 9100 |
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Numis Securities | |
Nick Westlake and Oliver Hardy (Nomad) | +44 20 7260 1000 |
Christopher Wilkinson (Broker) |
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Luther Pendragon | |
Harry Chathli, Alexis Gore | +44 20 7618 9100 |
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About TLA
TLA is a leading athlete representation, sports marketing and event management group quoted on London's AIM. The Group derives revenues from long term agency relationships with many prominent US and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA TOUR, AFL, Olympians and cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation and ownership. With over 170 full-time personnel, TLA serves its clients from 10 locations worldwide including its offices in London, UK; New York, Newport Beach, Houston, Charleston, San Francisco, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.