Uvenco Uk Regulatory News (UVEN)

23 July 2015

SnackTime plc ("SnackTime" or the "Company")

SnackTime (AIM: SNAK) provides the following update prior to the commencement of its close period. The Company expects to notify its results for the year ended 31 March 2015 at the end of September 2015.

Pre-close Trading Update

The actual result for the year ended 31 March 2015 remains subject to final agreement with our auditors, however it is likely that the profit estimate of £550k EBITDA and exceptional items of £650k announced on 1 April 2015 may be impacted by increases in provisions of circa £270k across group companies. This change is primarily attributable to a more prudent estimate [by the Company] of the values of stock and cash in machines. Sales for the full year are expected to be circa £16.7m as previously notified.

Current year trading has been encouraging with two significant wins and a strong pipeline in the vending division and improved EBITDA. Cash remains under pressure however with cash generation from EBITDA being consumed by continuing payments for exceptional items, capital expenditure and the servicing of our debt. This situation is expected to continue for the remainder of the calendar year until the net cash benefit from improved trading and overhead changes is fully reflected in trading cashflows.

Banking arrangements and new equity subscriptions

As disclosed in its announcement on 13 May 2015, the Company's expects to complete a further £200,000 new equity issue by the end of November 2015, to further reduce the Company's term loan balance. This issue is likely to be subscribed in full by members of the Boris Belotserkovsky Concert Party.

In addition, the Directors continue to evaluate options for the Company's existing loan notes, in particular the 2008 Convertible Loan Notes amounting to £600,000 due for redemption in December 2015. Various routes are being considered, including a conversion into equity. A resolution to the current December 2015 redemption must be clear before the end of September 2015 for the auditors to be able to provide the Company with a clean audit opinion.

Further announcements will be made in due course, as appropriate.

Update on share and warrant purchase by Mrs V Belotserkovsky

On 26 May 2015 we announced that Mrs Veronika Belotserkovsky, wife of Boris Belotserkovsky, a non-executive Director of the Company, had acquired 4,298,830 Shares at 10p per share, and 1,816,557 Warrants at 8p per warrant, from Vendia; and, separately, 544,786 Shares from Eikofin BVBA at 10p per share. The Company has been notified that the transaction is now unconditional, and completion is expected on or around the 20 August 2015. Furthermore, Mrs Belotserkovsky has notified the Company that she no longer intends to exercise the warrants on completion.

For further information:

ENDS