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    NMCN   GB0006452857

NMCN PLC

(NMCN)
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nmcn Secures GBP24 Million Fundraising, Agrees Debt Renegotiation

06/21/2021 | 03:02am EDT

By Jaime Llinares Taboada

nmcn PLC said Monday that it has agreed a renegotiation of its debt after securing a 14 million pound ($19.3 million) equity subscription and a GBP10.0 million convertible bridging loan with new investors.

The U.K. engineering-and-construction company said it has agreed to issue 70 million shares at a price of 20 pence each to new investors including Svella PLC--which will buy shares for up to GBP7.4 million. In addition, the company intends to raise up to GBP5.0 million via open offer of up to 25 million shares, it said.

The issue price represents a 89% discount to the 197.5 pence closing price Friday.

Svella has provided GBP10.0 million via a bridging loan convertible at a price of 20 pence a share, nmcn said.

As part of the transaction, nmcn has reached an agreement with Lloyds Bank PLC to renegotiate its debt facilities, it said. The lender has agreed to extend the existing GBP12.2 million uncommitted overdraft to Sept. 30, and to provide a GBP5 million revolving credit facility and a GBP2.5 million term loan, the company said

"We are pleased to have concluded this arrangement with Svella and other stakeholders, which will fully re-capitalise the company, providing a platform for sustainable long term value creation in our chosen markets," Chairman Ian Elliott said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

06-21-21 0301ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.36% 34930.93 Delayed Quote.14.83%
NMCN PLC 0.00% 117.5 End-of-day quote.-54.81%
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Financials
Sales 2019 405 M 563 M 563 M
Net income 2019 5,91 M 8,22 M 8,22 M
Net cash 2019 12,4 M 17,2 M 17,2 M
P/E ratio 2019 10,6x
Yield 2019 1,51%
Capitalization 11,9 M 16,5 M 16,5 M
EV / Sales 2018 0,08x
EV / Sales 2019 0,12x
Nbr of Employees 1 700
Free-Float 9,31%
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Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts 1
Last Close Price 1,18 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Lee Marks Chief Executive Officer & Director
Alan Peter Foster Chief Financial Officer & Director
Ian Elliott Chairman
Michael John Holt Independent Non-Executive Director
Margaret Mary Amos Independent Non-Executive Director
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