Nmcn obtains capital extensions for refinancing and proposes a change of listing
By Joe Hoppe
Nmcn PLC said on Friday it had obtained extensions to its capital subscription and an existing uncommitted overdraft as it seeks refinancing and has proposed a listing change.
The British engineering and construction company has entered into discussions with Svella PLC and certain other investors to obtain an extension of their respective commitments under the capital subscription.
The refinancing is conditional on the publication by the company of a prospectus including a circular convening a general meeting to approve the group’s refinancing project by November 1 and the finalization of the refinancing by November 19.
The company said Lloyds Banking Group PLC has also agreed to extend its current uncommitted overdraft of 11.8 million pounds ($ 16.2 million) until November 5 to allow for the prospectus to be finalized.
Nmcn warned that there is still work to be done on its 2020 financial results to enable the publication of the prospectus, and there is no certainty that the stated deadlines can be met.
The company has also offered to move from the premium listing to a standard listing. The company said that given its size, shareholder base and strategy, the additional requirements of a premium listing no longer matched the best interests of the company, and a transfer would allow for more profitable administration.
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