Saturday, June 16, 2007
ACCIDENT EXCHANGE
ACCIDENT EXCHANGE has entered into a senior secured credit agreement with Morgan Stanley Bank International in respect of banking facilities of up to £45 million.
The facility replaces the company's existing £20m revolving credit facility. It will be used to repay the £5m term loan. The increased facility will provide additional headroom for general corporate and working capital purposes.
As part of the arrangement fee for the facility, Accident Exchange has undertaken to seek shareholder approval for the grant of warrants in favour of Morgan Stanley over 718,571 ordinary shares in the capital of the company (representing 1% of the Company's current issued share capital) at an exercise price of 105 pence per share.
The necessary special resolution will be proposed at the forthcoming Annual General Meeting.
Final results for the year to 30 April will be announced on Monday 16 July 2007.
DATED: 16.06.07
FEED: AW
The facility replaces the company's existing £20m revolving credit facility. It will be used to repay the £5m term loan. The increased facility will provide additional headroom for general corporate and working capital purposes.
As part of the arrangement fee for the facility, Accident Exchange has undertaken to seek shareholder approval for the grant of warrants in favour of Morgan Stanley over 718,571 ordinary shares in the capital of the company (representing 1% of the Company's current issued share capital) at an exercise price of 105 pence per share.
The necessary special resolution will be proposed at the forthcoming Annual General Meeting.
Final results for the year to 30 April will be announced on Monday 16 July 2007.
DATED: 16.06.07
FEED: AW
