Progility Regulatory News (PGY)

18 Feb 2008 07:00

ILX Group PLC18 February 2008 For release at 07.00, 18 February 2008 ILX Group plc (ILX/L) ("ILX" or "the Company") Re: Financing ILX Group plc, the AIM quoted business education and training specialist, ispleased to announce that banking facilities totaling £6.0 million have beenagreed with Barclays Bank plc. The new facilities, which are on improved terms to the Company's currentfacilities, comprise a £5.0 million amortising term loan, repayable over fouryears, and a confidential invoice finance facility of £1.0 million. The facilities will be used to refinance £2.2 million of existing debts and willalso be applied to pay in cash the remaining £1.0 million balance on the firstearn-out payment due to the vendors of the Corporate Training Group ("CTG"). The balance of the facilities are available to finance the final CTG earn-outpayment, which the Board expects to be earned in full and becomes payable on 30June 2008 by way of £1.0 million in cash and £1.5 million in cash or newordinary shares at the Company's option, and to fund future growth of thebusiness. Ken Scott, Chief Executive of ILX Group commented: "The Board is very pleased with our new banker's support of ILX Group and thisimproved facility is a demonstrable measure of confidence in the company'sfuture prospects". Lee Everson, Relationship Director, Barclays Commercial Bank said: "ILX Group is a market leading business with a proven management team. Theirpotential for growth is undoubtedly strong and we are therefore delighted to besupporting them with their plans." Enquiries: ILX Group plc 020 7751 7100 K Scott / J Pickles Adventis Financial PR 020 7034 4758/4759 Tarquin Edwards / Chris Steele Charles Stanley Securities (Nominated 020 7149 6000Adviser) Philip Davies / Carl Holmes Editor's Notes ILX Group plc is a leading provider of vocational training to the private andpublic sectors, delivered through Computer Based Training (CBT), e-Learning,instructor-led courses/workshops. ILX Group now trades through two divisions: 1. Best Practice provides CBT, e-learning, instructor-led training and implementation consultancy principally to the programme and project management, IT service management and business finance markets. www.ilxgroup.com 2. Banking & Finance (through Corporate Training Group) provides instructor-led training, workshops and related services, principally to the investment banking community. www.ctguk.com This information is provided by RNS The company news service from the London Stock Exchange