REG - PressureTechnologies - Debt Refinancing and Grant of Warrants

Pressure TechnologiesAnnouncement

16/11/2023 07:00

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RNS Number : 5964T  Pressure Technologies PLC  16 November 2023

16 November 2023

 

Pressure Technologies plc

("Pressure Technologies" or "the Company" or "the Group")

 

Debt Refinancing and Grant of Warrants

 

Pressure Technologies plc (AIM: PRES), the specialist engineering group, is
pleased to announce completion of the debt refinancing and grant of warrants
announced on 24 October 2023.

Debt Refinancing

 

The Company has formally executed legal documentation with Rockwood Strategic
plc(1) and Peter Gyllenhammar AB (together "the Lenders"), both major
shareholders in the Company, in relation to a new Term Loan Facility of £1.5
million ("the Facility").

 

The Facility has been subject to full drawdown and has been utilised to repay
an outstanding bank loan of approximately £0.9 million to Lloyds Banking
Group, to settle transaction costs and to provide additional working capital
headroom.

 

The principal terms of the Facility are as described in the prior announcement
dated 24 October 2023.

 

Grant of Warrants

 

In conjunction with the provision of the Facility, the Lenders have been
issued with 1,933,358 warrants in aggregate (representing 5% of the issued
share capital) to subscribe for ordinary shares in the Company ("the
Warrants") at a price of 32 pence per share, representing a 20% premium to the
closing share price on 23 October 2023 (being the day prior to the
announcement of the Facility). The Warrants may be exercised at any time in
the 5 years following drawdown of the Facility and continue to be exercisable
in the event the Facility is repaid before its final expiry.

 

Chris Walters, Chief Executive of Pressure Technologies plc, commented:

 

"We are delighted to have completed the refinancing with the support of two of
our major shareholders. Our new Facility will enable us to further develop the
business whilst we realise value from the sale of the Precision Machined
Components division."

 

Richard Staveley, Non-Executive Director of Pressure Technologies plc and Fund
Manager of Rockwood Strategic plc, commented:

 

"Constructively engaging with Pressure Technologies has led to us providing
this loan, alongside Peter Gyllenhammar AB, another major shareholder, to
support the Company through to the planned divestment of the Precision
Machined Components division, which we believe will unlock shareholder value.
Chesterfield Special Cylinders is a world-class manufacturing business serving
a multitude of allied navies, air forces and leading industrial businesses.
Exposed to the emerging hydrogen economy, it is also a trusted provider of
integrity management services to mission-critical defence platforms. The
Company has material asset backing and we are proud to provide finance to such
an important business within the UK's manufacturing base."

 

Additional Information

 

(1) Harwood Capital LLP is the investment manager of Rockwood Strategic plc.

 

For further information, please contact:

   Pressure Technologies plc                                                                              Tel: 0333 015 0710

   Chris Walters, Chief Executive

   Steve Hammell, Chief Financial Officer
   Singer Capital Markets (Nomad and Broker)                                                              Tel: 0207 496 3000

   Rick Thompson / Asha Chotai
   Houston (Financial PR and Investor Relations)                                                          Tel: 0204 529 0549

   Kay Larsen / Ben                                                                                       pressuretechnologies@houston.co.uk
 Robinson

 

COMPANY DESCRIPTION

 

www.pressuretechnologies.com (http://www.pressuretechnologies.com/)

 

With its head office in Sheffield, the Pressure Technologies Group was founded
on its leading market position as a designer and manufacturer of
high-integrity, safety-critical components and systems serving global supply
chains in oil and gas, defence, industrial and hydrogen energy markets.

The Group has two divisions:

 

·    Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
(http://www.chesterfieldcylinders.com/)

·    Precision Machined Components (PMC) - www.pt-pmc.com
(http://www.pt-pmc.com/)

o  Includes the Al-Met, Roota Engineering and Martract sites.

 

 

 

 

Notification and public disclosure of transactions by Persons Discharging
Managerial Responsibilities ("PDMR") and Persons Closely Associated with them:

 

 1    Details of the Person Discharging Managerial Responsibilities / Person Closely

    Associated

 a)   Name                                                                                                                                                            Rockwood Strategic plc

 2    Reason for the notification

 a)   Position/status                                                                                                                                                 Person Closely Associated with Richard Staveley (Director and PDMR of the

                                                                                                                                                                    Company)

 b)   Initial notification /Amendment                                                                                                                                 Initial Notification

 3    Details of the issuer, emission allowance market

    (https://file.perfectinfo.com/document/302942244/15/302942244.html?caption=Made+Tech+Group+PLC%3a+LTIP+Update+and+PDMR+Dealing&userId=278127&costCode=CostcodeAcc&hitWords=(singer+AND+capital+AND+markets)+AND+PDMR+AND+option+AND+exercise&scrypt=688a9d8e99aedffc4ca06ad627402381&prodId=300#hit18)
       participant, auction platform, auctioneer or auction monitor
 a)   Name                                                                                                                                                            Pressure Technologies plc

 b)   LEI                                                                                                                                                             213800PTKN1VDP2DIN05

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument                                                                                                     Warrants to subscribe for ordinary shares

      Identification code                                                                                                                                             GB00B1XFKR57

 b)   Nature of the transaction                                                                                                                                       Grant of Warrants
 c)   Price(s) and volume(s)                                                                                                                                          Volumes: 966,679 warrants

                                                                                                                                                                      Exercise price: 32p

 d)   Aggregated information                                                                                                                                          N/A

 e)   Date of the transaction                                                                                                                                         14 November 2023

 f)   Place of the transaction                                                                                                                                        Outside of a trading venue

 

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