1 Feb 2018 07:00
1 February 2018
Utilitywise plc
("Utilitywise" or "the Group")
Amendments to banking facility agreement
The Board of Directors of Utilitywise plc (AIM:UTW), a leading independent utility cost management consultancy, is pleased to announce that the Group has agreed amendments to its banking facility agreement. The new terms align the banking facility with the non-cash accounting changes anticipated in the financial statements of the Group for the year ended 31 July 2017 and beyond, as outlined in the announcements on 17 January 2018 and 29 January 2018.
The Group currently has a £25m revolving credit facility with a single bank lender, which is due to expire in April 2019. The amended facility has replaced the leverage covenant with a cash-flow based liquidity covenant, which is based upon forecasts that have been shared with the bank in respect of the Group's plans for cash generation over the coming months.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
For further information
Utilitywise plc | 0330 303 0233 |
Brendan Flattery (CEO) |
|
Richard Laker (CFO) |
|
|
|
finnCap (NOMAD and broker) | 020 7220 0500 |
Matt Goode / Henrik Persson (Corporate Finance) |
|
Simon Johnson (Corporate Broking)
Liberum (Joint broker) |
020 3100 2000 |
Robert Morton / Steve Pearce |
|
Redleaf Communications | 020 3757 6865 |
Robin Tozer / Elisabeth Cowell |
|
Utilitywise is a leading independent utility cost management consultancy, which has established trading relationships with a number of major UK and European energy suppliers and provides services to its customers designed to assist them in achieving better value out of their energy contracts, reduced energy consumption and lower carbon footprint. Utilitywise is a UK company quoted on the AIM market of the London Stock Exchange. For more information, please visit www.utilitywise.com.