Update re DA Termination, Notice of Results & RCF

RNS Number : 3954L

Sprue Aegis plc

19 April 2018

 

19 April 2018 

Sprue Aegis plc

("Sprue" or the "Company")

Update re DA Termination Notice and final results

and

Revolving Credit Facility

Further to its announcement of 23 March 2018, Sprue (AIM: SPRP), one of Europe's leading developers and suppliers of home safety products, provides the following update.

The Company continues to take legal advice, and is in communication with BRK, with regard to the Termination for Breach Notice, the allegations made by BRK and its position.  The Company disputes the allegations made by BRK. A further announcement will be made in due course.

The gross book value of the disputed stock of unsold BRK products was £4.3m as at 31 March 2018.  Whilst discussions with BRK continue, the Company is unable to confirm the expected date for release of its audited final results for the year ended 31 December 2017.  A further announcement will be made in due course.

The Company announces that in late January 2018, it entered into a committed 3 year revolving credit facility with HSBC Bank plc for £7.0 million to fund the Company's working capital.  On 29 March 2018, the Company drew down £3.0 million of this facility. 

Defined terms used in this announcement have the same meaning as those in the Company's announcement of 23 March 2018.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

For further information, please contact: 

Sprue Aegis plc	02477 717700
Graham Whitworth, Executive Chairman Neil Smith, Group Chief Executive
Stockdale Securities	020 7601 6100
Tom Griffiths
Vigo Communications	020 7830 9700
Jeremy Garcia / Fiona Henson

 Notes to Editors

About Sprue Aegis plc

Sprue's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible.  Sprue is one of the market leaders in the European home safety products market and launched its own connected homes product proposition at the end of 2016. 

Sprue's principal products are smoke alarms, CO alarms and accessories.  The Group has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under Sprue's leading brands of FireAngel, FireAngel Pro, FireAngel Spec, AngelEye and FireAngel Connect.

For further product information, please visit:  www.sprue.com

 

END

 

 

MSCLFFFLSIITLIT