Intention to refinance debt facilities
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Barkby (AIM: BARK) announces its intention to refinance its existing debt facilities, including the £12 million debt facility, (the "Facility") provided by Tarncourt Properties Limited, ("Tarncourt") a vehicle controlled by the Executive Chairman of the Company, Charles Dickson and his family. The Facility was revised on 30 December 2022 and interest is paid at a rate of 3.0% over the Bank of England's prevailing base rate, with an expiry date of 30 June 2024.
Following the announcement of 31 October 2023 of the Company's joint venture with Meadow Partners LLP, ("Meadow Partners") the Board intends to simplify the Company's capital structure and is considering a new, sterling denominated, private debt offering, (the "Offering") which would be issued on market terms. Certain existing shareholders are likely to participate in the Offering.
As at 30 November 2023, net cash available to the Company, including undrawn facilities, remains at £2.0 million.
A further announcement will be made as appropriate.
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