Renewal of Banking Facilities
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Tekmar Group plc (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces it has agreed with Barclays Bank PLC ("Barclays") a renewal of its existing banking facilities.
The existing trade loan facility remains available to Tekmar with the next annual review date in June 2025. This facility of up to £4 million can be drawn against supplier payments and is provided with support from UK Export Finance. In addition, the £3 million Coronavirus Business Interruption Loan ("CBILS") facility is extended by a further 12 months to October 2025. This completes the renewal of the Group's existing facility and financing arrangements.
As at 30th June 2024, the Group held £2.8 million of cash with net debt of £4.0 million.
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