Repayment of Bank Debt

In brief · summary, not quotable

One Media iP Group Plc has fully repaid its outstanding long-term loan of £0.58 million to Coutts & Company using its existing cash resources, resulting in the company now holding a net cash position with no borrowings. This repayment strengthens the company's balance sheet and signifies a debt-free status.

Full announcement

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One Media iP Group Plc (AIM: OMIP), the digital music rights acquirer, publisher and distributor, announces that it has repaid in full its outstanding long-term loan with Coutts & Company, using the Group's existing cash resources.

The outstanding loan was last reported in the Company's half-year results at £0.58 million.

Following repayment, the Group is now in a net cash position with no borrowings.

Michael Infante, Chief Executive Officer, commented: "We are pleased to have repaid our long-term bank debt entirely from the Group's own cash resources. This leaves One Media debt free and further strengthens our balance sheet."

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.