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15 Nov 2012 07:00
15 November 2012
reach4entertainment enterprises plc
("r4e" or "the Company")
BANKING COVENANTS
The Board of r4e is pleased to announce that it has agreed a set of financial covenants with AIB Group ("AIB") in relation to the Company's £14.8 million revolving credit facility ("RCF") which was entered into in April 2011. By mutual consent, covenants were not put in place at the time the RCF was agreed.
The covenants take effect from 31 December 2012 and remain in place for the duration of the RCF, which matures in May 2015. The Company maintains a strong banking relationship with AIB. The Directors are pleased with this outcome and are satisfied that these ratios are consistent with the Company's future anticipated financial performance.
Ends
Enquiries:
reach4entertainment +44 (0) 20 7993 0000
David Stoller, Executive Chairman
Shirley Stapleton, Finance Director
Blythe Weigh Communications +44 (0) 20 7138 3204
Paul Weigh
Seymour Pierce Limited +44 (0) 20 7107 8000
Stewart Dickson/Tom Sheldon (Corporate Finance)
Katie Ratner/Jacqui Briscoe (Corporate Broking)
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