Corporate Update

RNS Number : 0577G
Sarantel Group PLC
31 May 2013
 

For immediate release

31 May 2013

Sarantel Group plc

("Sarantel" or the "Company")

Corporate update

 

Further to the announcements made on 29 May 2013, the Board of Sarantel ("Board") has received a letter of demand from Harris Corporation ("Harris"), for the immediate repayment by Sarantel of the secured HSBC loan facility of £2m (plus interest for the current quarter of approximately £17k) which has been fully drawn down by Sarantel. Security for the HSBC loan facility was provided by Harris, in return for which Sarantel Limited, inter alia, granted a debenture in favour of Harris which contains fixed and floating charges over the assets and undertaking of Sarantel Limited, including its intellectual property portfolio.

 

As a result of this demand, the Board has today filed a notice of intention to appoint an administrator to Sarantel Limited.

 

A further update will be provided in due course.

 

 

Enquiries:

  Sarantel Group PLC

01933 670 560

  David Wither, Chief Executive Officer

  Nicola Malyon, Chief Financial Officer




  Beaumont Cornish (Nominated Adviser)

020 7628 3396

  Roland Cornish / Michael Cornish / Emily Staples

 


  XCAP Securities PLC (Corporate Broker)

020 7101 7070

  David Lawman / Jon Belliss






About Sarantel 

Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets. www.sarantel.com



 


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