Update on debt refinancing
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Roadside, (AIM: ROAD) the roadside real estate business, provides an update on its intention to refinance its existing debt facilities and an update on the timings of the publication of its accounts for the period ended 30 September 2023.
The Company is in the closing stages of completing the issue of £10 million principal amount of secured loan notes (the "Loan Notes"). The Loan Notes will attract a coupon of 14% for a period of 24 months and will be secured against the Company's assets and undertaking, including its shareholding in Cambridge Sleep Sciences ("CSS") as well as the assets and undertaking of CSS. The Company will also agree to pay a bonus to subscribers of the Loan Notes which will allow them to participate in an exit option of the Company's CSS shareholding under preferential terms. A further announcement confirming completion of the refinancing is expected shortly, where full terms of the refinancing will be included.
Delay of results
The Company has been working with its auditors to publish its accounts for the period ended 30 September 2023 by 7.00 am on 2 April 2024. While the audit is substantially complete, resourcing capacity shortages and senior personnel compassionate leave mean that the Company will be unable to publish its accounts by 7.00 am on 2 April 2024. Accordingly, trading in the Company's shares will be suspended on AIM from 7.30 am on 2 April 2024.
The Company expects to publish its results during the week commencing 8 April 2024, after which the suspension from trading will be lifted.
Further announcements will be made as appropriate.
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