Bank Facilities Update (4922H)

TIDMACR

RNS Number : 4922H

Abbeycrest PLC

31 May 2011

Abbeycrest plc

("Abbeycrest", the "Company" or the "Group")

Bank Facilities Update

The board of Abbeycrest is pleased to announce that revised and extended facilities have now been agreed with its banking partners in both the UK and Thailand.

Burdale Financial Limited ("Burdale")

Burdale, the Group's senior lender, has agreed to extend the renewal date of the Group's UK bank facility to 9 March 2014 and to re-set the associated covenants.

As a result of a transfer in the Group's working capital requirements from the UK to Thailand, Abbeycrest has also taken the opportunity to halve its UK facility limit with Burdale from GBP8.0 million to GBP4.0 million, thereby reducing future under-utilisation costs. All other principal terms and conditions remain unchanged.

Siam Commercial Bank PCL ("SCB")

The Company's subsidiary, Abbeycrest Thailand Limited ("ATL"), has also agreed an increase of GBP3.0 million in its seasonal working capital facilities with its long-standing finance provider, SCB. This comprises an increase of GBP2.6 million in its invoice finance facility and an additional short term loan of GBP0.4 million to facilitate the consolidation of Abbeycrest's Hong Kong activities into ATL.

The extended SCB facilities, which now total GBP8.8 million, cover the expected peak working capital requirements of the August to December 2011 period and are renewable annually. All other principal terms and conditions remain unchanged.

Simon Ashton, Executive Chairman of Abbeycrest, said: "I am pleased that the Group has been able to agree revised and extended bank facilities with our banking partners. This will now allow us to focus on top-line growth as we continue to develop our design-led, branded jewellery ranges."

For further information, please contact:

 
 Abbeycrest plc                                Tel: 0113 397 0864 
  Simon Ashton, Executive Chairman           www.abbeycrest.co.uk 
 Evolution Securities Limited                  Tel: 0113 243 1619 
  Joanne Lake/Peter Steel                   www.evosecurities.com 
 Rawlings Financial PR Limited                 Tel: 01653 618 016 
  Catriona Valentine/Keeley Clarke    www.rawlingsfinancial.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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