Last checked at 1 Mar 2012 07:00
1 March 2012
Sarantel Group PLC
£2m loan facility secured
Sarantel Group PLC (AIM: SLG, 'Sarantel' or 'the Group'), a leading manufacturer of high-performance, miniature filtering antennas for mobile and wireless devices, announces that it has agreed a £2m secured loan facility with HSBC Bank PLC.
This is an interest only facility which is available for a two year term and has the flexibility to be drawn down in stages. Interest is payable quarterly at the rate of 3% per annum over the Bank's Sterling Base Rate.
Sarantel believes that this facility along with the Group's largest order to date, announced on 8 February, and other supply agreements announced during 2011, gives the Group the necessary finance and sales pipeline to reach profitability.
David Wither, CEO of Sarantel, said:
"I believe this facility, along with the successful contract wins we have had in recent months, will give us the headroom we need to take the Group forward to profitability."
Enquiries:
Sarantel Group PLC | 01933 670 560 |
David Wither, Chief Executive Officer | |
Nicola Malyon, Chief Financial Officer | |
Seymour Pierce | 020 7107 8000 |
Freddy Crossley, Nominated Adviser David Banks/Paul Jewell, Corporate Broking | |
College Hill | 020 7457 2020 |
Kay Larsen/Rozi Morris |
About Sarantel (www.sarantel.com)
Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's revolutionary ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, Satellite Radio and Satellite phone markets.