12 Apr 2021 07:00
12 April 2021
Tricorn Group plc
("Tricorn", the "Company" or the "Group")
Approval of USA Payroll Protection Program loan
Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announces that, according to the lending bank's administration portal, the Company's application for the 2nd draw USA Payroll Protection Program ("PPP") loan, which it made in March 2021, has been approved.
This loan, amounting to $0.7m (£0.5m), has been made to protect US jobs and, provided it is used for employee retention, payroll and other eligible purposes, the Company could make an application for the PPP loan to be forgiven, thereby converting it into a grant, as was the case with the PPP loan secured by the Group in June 2020 which, as previously announced, was forgiven in full.
Cash balances as at 9 April 2021 totalled £1.0m and will increase to approximately £1.5m when this 2nd draw USA PPP loan is received which is expected later this month.
For further information please contact:
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman Tel +44 (0)7768 306 701
Michael Stock, Chief Executive/Group Finance Director Tel +44 (0)7894 784 106
Shore Capital Tel +44 (0)20 7408 4080
Tom Griffiths
David Coaten
Henry Willcocks
Notes to Editors:
Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.
Headquartered in Malvern, UK, Tricorn has manufacturing facilities in USA and UK employing approximately 240 employees and has an additional joint venture facility in China.