29 Jun 2020 07:00
Non-Standard Finance plc
(the 'Group')
Facilities update
29 June 2020
Further to the announcement of the Group's audited results in respect of the year to 31 December 2019 which was released on 25 June 2020 and which referred to discussions with the Group's lenders and the evaluation of funding options, the Board is pleased to announce that discussions with its lenders are proceeding positively and that the provider of the Group's £200m securitisation facility (the 'Facility') has agreed to extend the previous waiver so that a more permanent solution can be reached whereupon the Group will make a further announcement.
As detailed in the Group's 2019 full year results, while further access to the Facility is not required to finance the Group's base case, the Board is exploring alternative capital structures under which the Facility could help to fund a more ambitious and profitable longer-term growth plan.
Preliminary discussions with a number of the Group's larger shareholders regarding a possible equity issue to facilitate such a plan have been positive and are ongoing.
For more information:
Non-Standard Finance plc Peter Reynolds, Director, IR and Communications | +44 (0) 20 3869 9026 |