31 Jan 2018 07:00
The People's Operator plc
("TPO", the "Company" or the "Group")
Amendment to Bank Facilities
The People's Operator (AIM: TPOP), the cause-based commercial mobile virtual network operator, is pleased to announce that is has successfully agreed a Letter of Variation (the "Letter") with Barclays Bank plc (the "Lender") covering its existing Funding Agreement (the "Agreement").
Background
On 30 September 2016 the Company announced that it had entered into an Agreement with the Lender for a loan for the sum of £1,000,000, repayable in one tranche on 10 July 2018.
Letter of Variation
The Company has now received confirmation that following analysis of the Company's new business plan and the successful fund raising being approved at a General Meeting of the Company on 22 December 2017, the Lender has agreed an extension of the loan period and a revision of the repayment terms. The loan will now be repayable in four instalments at quarterly intervals beginning on 31 January 2020.
Michael Butler, Non-Executive Chairman of the Company, commented:
"We are delighted that Barclays Bank has demonstrated its confidence in the long-term prospects of The People's Operator. The renegotiation of the timetable for repayment of the loan will enable us to concentrate our resources on our renewed marketing initiatives and continue with our strategy of adding long-term subscribers who share our passion for good causes."
The Company confirms that it currently has no other loans or other long-term liabilities on its balance sheet.
For further information
The People's Operator plc Nick Dashwood Brown, Head of Investor Relations
| 07710 511259 |
finnCap Ltd Stuart Andrews / Simon Hicks
| 020 7220 0500 |
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.