Banking Arrangements

RNS Number:4088S
Top Ten Holdings PLC
15 April 2008




15 April 2008

TOP TEN HOLDINGS PLC ('the Company') BANKING ARRANGEMENTS


Further to its announcement on 2 April 2008, that it had reached agreement in
principle with its bankers for amended facilities that reflect the Company's
current reduced level of profitability, Top Ten Holdings plc, the UK's third
largest bingo operator with 37 clubs, has now signed new 3 year banking
facilities with its bankers,  Royal Bank of Scotland plc ("RBS")

The agreement with RBS includes conversion of �12.8 million of its existing
senior debt into a mezzanine loan bearing interest at 9% over LIBOR. Interest on
the mezzanine loan will be paid monthly at 2% over LIBOR and  7% will be rolled
up. The balance of the Company's loan facilities of �16 million will pay
interest at LIBOR plus 2%.

As part of its amended bank facilities the Company has agreed to grant RBS a
warrant to subscribe for 10% of its share capital at a price of 20 pence per
ordinary share at any time prior to April 2013. At the request of RBS the
Company will also be putting in place a cash long term incentive plan (LTIP) to
incentivise the executive directors of the Company to deliver the three year
recovery plan. Further details of the warrant to be issued to RBS and the LTIP
will be provided when the documentation relating to the warrant and the LTIP has
been finalised.

Commenting on the new bank facilities Sir Aubrey Brocklebank , the Chairman of
Top Ten Holdings plc, said :

"The last 12 months has seen upheaval in the bingo industry as the impact of the
smoking bans and the changes made by the Gambling Act have greatly reduced
profitability. As a result of its asset backed balance sheet and its strong
management team Top Ten has retained the support of its bankers and now has in
place new facilities that give the Company a reasonable period to rebuild its
profit base."




Further information :

Andrew Marshall
Greycoat Communications
Tel : 0207 960 6007

Sir Aubrey Brocklebank
Top Ten Holdings plc
Tel : 01727 850 793





                      This information is provided by RNS
            The company news service from the London Stock Exchange

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