Last checked at 3 Aug 2009 07:00
For Immediate release 3 August 2009
SANDERSON GROUP PLC
New Financing Arrangements
Sanderson Group plc ("Sanderson" or "The Group"), the software and IT services business specialising in the multi-channel retail and manufacturing markets in the UK and Ireland, on 30th June 2009, within its interim results for the period ended 31st March 2009, announced that it was in advanced discussions with its bank, Royal Bank of Scotland plc, to reschedule and extend repayment of the Group's remaining bank debt while also resetting the covenant suite to more appropriately reflect the current market environment.
These discussions have now concluded to the Board's satisfaction and the Group has signed a new term debt facility agreement extending the term to June 2014.
The Group has a robust, cash generative, business model with over 50 per cent of revenue derived from annual licence, support and maintenance contracts. Notwithstanding current challenging market conditions, the Group continues to trade in line with market expectations. An interim dividend of 0.2 pence per share will be paid on 21 August 2009, to shareholders on the register at close of business on 24 July 2009.
Enquiries:
Christopher Winn, Executive Chairman
Adrian Frost, Group Finance Director
Sanderson Group plc 02476 555466
Mark Taylor / Freddy Crossley
Charles Stanley Securities 020 7149 6000
Paul Vann/Tom Cooper
Winningtons Financial 0117 920 0092 or 07768 807631