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2 Sep 2013 07:00
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2 September 2013
Travelzest PLC
Β (the "Company")
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Change in Primary Lender
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Travelzest PLC announces that Barclays Bank, the Company's primary lender, has completed an assignment of the Company's indebtedness, associated financial liabilities and security arrangements, which currently amount to approximately Β£15 million (including accrued interest and charges), to Elleway Acquisitions Limited ("EAL"), a company incorporated in the BVI, on behalf of a consortium led by LDC Logistics Development Corporation ("LDC"), a company incorporated in Canada.
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EAL, as the Company's new primary lender, has confirmed its support of the proposed strategy of the business in the short term and has confirmed that it is its current intention to support the Company by providing, on behalf of that consortium, a working capital facility for the period up to and including 30 September 2013 whereupon it will reassess the position of the Company.
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This is notwithstanding the fact that the Company must continue to comply with its obligations under the existing and new working capital facility arrangements and that the loans and facilities are still capable of being demanded by EAL at any time.
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Consequently, the Company continues to be reliant on the support of EAL in order to continue to trade.
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A further announcement will be made in due course.
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Enquiries:
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Travelzest plc | |
Christopher Howell - Non-Executive Chairman | Via Redleaf Polhill |
Redleaf Polhill | +44 (0)20 7382 4730 |
Rebecca Sanders-Hewett / Dwight Burden | travelzest@redleafpr.com |
Sanlam Securities UK (Nominated Adviser and Broker) | +44 (0)20 7628 2200 |
Simon Clements / Virginia Bull | |
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Notes to Editors:
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Travelzest plc (LSE:TVZ.L) is a dynamic travel group, with a collection of online travel retailers and specialized merchant operators. Included in the Travelzest agency family are itravel2000 and The Cruise Professionals,holiday.co.uk and flight.co.uk. Travelzest is traded on London's AIM Exchange under the symbol TVZ.
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LDC currently holds 10,829,572 Ordinary Shares in the capital of the Company, equivalent to 7.46 per cent. of the Company's issued share capital.
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