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BMR Group PLC (BMR)

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Wednesday 17 May, 2017

BMR Group PLC

ACI drawdown update

RNS Number : 3531F
BMR Group PLC
17 May 2017
 

BMR Group PLC ("BMR" or the "Company")

ACI drawdown update

Further to its announcement on 3 May 2017, BMR announces that it met yesterday with African Compass International Limited ("ACI") regarding the drawdown under the ACI project construction and trade finance facility which had been expected in early May.

ACI yesterday assured BMR that it would receive the first transfer of $900,000 imminently and by no later than 26 May 2017. Whilst the Directors have no reason to believe that the Company will not receive the funds by that date, they cannot be certain that this deadline will be met. Accordingly, as the Company needs funds in the immediate future, the Board has been looking for alternative sources of finance and is in receipt of two alternative conditional proposals to meet its requirements for the rest of the calendar year.

BMR will provide a further update to its shareholders by no later than 26 May 2017.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Ends

For further information:

BMR Group PLC 020 7734 7282

Alex Borrelli, CEO and Chairman

WH Ireland Limited 020 7220 1666

NOMAD and Joint Broker

Chris Fielding, Head of Corporate Finance

Peterhouse Corporate Finance 020 7469 0930

Joint Broker

Lucy Williams/ Duncan Vasey/ Heena Karani

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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