Loan Facility Extension/Directorate Change

RNS Number : 6348F

Biome Technologies PLC

19 June 2012

 



19 June 2012

Biome Technologies plc ("Biome", "the Company" or "the Group")

Loan Facility Extension/Directorate Change

Biome Technologies plc is pleased to announce it has concluded an extension of its secured debt facility with Fortis Commercial Finance.  The facility, first put in place in May 2011, provides access to additional working capital funding for the Company's subsidiary, Biome Bioplastics, to support its growth. This facility has now been extended to May 2014 and its quantum of up to £2m is governed by various attributes of the debtor balance of Biome Bioplastics.  The facility remains unused at present.

Further to measures outlined in its recent Trading Update to reduce cash costs, the Company announces that Declan Brown, Group Finance Director, will be leaving employment with the Company on or before 30^th November 2012 to pursue other opportunities.  Declan will remain on the Board while his employment continues.  At the end of Declan's term of office, the Company's accounting and financial management requirements will be provided on a part-time interim basis by Michael Kayser FCMA, in conjunction with the Group's Financial Controller.  Michael is an existing non-executive of the Company and is Chair of the Group's Audit and Remuneration Committees.  His previous experience includes roles as Group Finance Director at Laporte PLC for five years and Finance Director of Guinness Brewing Worldwide.

John Standen, Chairman, said: "The Board would like to thank Declan for his support and contribution during his time with us and wish him well for the future."

Further, in accordance with AIM Rule 20, the Company's Annual Report for the year ended 31 December 2011 is available for download on its website (www.biometechnologiesplc.com).

-Ends-

For further information please contact:

Biome Technologies plc                                              

Paul Mines, Chief Executive Officer

Declan Brown, Group Finance Director

www.biometechnologiesplc.com                                               Tel: [phone]

Daniel Stewart & Company plc                        

David Hart

www.danielstewart.co.uk                                                          Tel: [phone]

First Columbus

Chris Crawford/Kelly Gardiner                                    

www.first-columbus.com                                                          Tel: [phone]

FTI Consulting                                                 

Oliver Winters/Latika Shah                                                       Tel: [phone]

 

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