Further to the announcements on 21 June and 2 August 2021, nmcn (the "Company") is pleased to announce it has agreed an extension to the £10.0 million convertible Bridging Facility by one month until 1 November 2021 subject to fulfilment of certain outstanding condition precedents by the Company. The extension will provide the Company with the necessary time to finalise and announce its audited results for the financial year ended 31 December 2020 and publish its annual report and accounts (the “ARA”) along with its unaudited interim results to 30 June 2021 (together the “Financial Results”).
The Company and its auditors are working towards approval and release of the ARA by 27 September to enable the subsequent publication of the prospectus, which will incorporate a circular to convene a general meeting to approve the proposed refinancing of the Group. The Company intends to apply to the FCA to lift the suspension of the Company’s shares upon publication of the Financial Results.
The Board and SVELLA are now engaging with the proposed investors to the Equity Subscription and Lloyds Bank plc to secure an extension to their respective commitments. Further announcements will be made in respect of these extensions as required.
The Company continues to work positively with the support of its finance providers and advisers, along with its customers and suppliers to achieve the required refinancing in the timeframes set out above.
Lee Marks, nmcn CEO, comments: "I would like to thank all stakeholders for their continued support of the Group as we move closer to delivering the refinancing. The new equity funding will strengthen the balance sheet and provide the necessary capital resource to steer the Group forward. The majority of our projects are performing well, with good prospects over the coming 12-18 months, however the refinancing will be the key to unlocking the Group’s potential. I would like to thank our dedicated workforce and our strong loyal customer and supplier base for their continued support as we work through this process."
Andrew Tinkler, SVELLA Chairman, said: "We continue to be very supportive and are working alongside the Company and investors to deliver the capital required within the coming weeks. The new equity will support the Group through this period and provide the necessary capital to deliver and execute in the short and medium term as the Group develops a five-year growth plan."