Source - RNS
RNS Number : 6061H
Ukrproduct Group Ltd
09 June 2017
 

 

 

FOR IMMEDIATE RELEASE                                                                                         June 9, 2017

 

 

AMENDMENT TO UKRPRODUCT GROUP LIMITED Loan AGREEMENT

 

 

Ukrproduct Group Limited (AIM: UKR), one of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass) announces that it has reached agreement with OTP Bank for the deferral of the principal loan repayment of Ukrainian Hyrvnia (UAH) 32.3 million (approximately GBP 0.95 million) due 9 June 2017 initially until 23 June 2017 by which time it is expected that negotiations in relation to a new loan agreement will have been completed.

The Company also announces that it has obtained waivers from the European Bank for Reconstruction and Development ("EBRD") in respect of debt ratio covenant breaches in the amended and restated EBRD loan agreement announced on 30 June 2016 in respect of the periods ended 31 December 2016 and 31 March 2017.

The Company expects to publish its annual results for the year ended 31 December 2016 later this month.

 

For further information contact:

 

Ukrproduct Group Ltd

 

Jack Rowell, Non-Executive Chairman

Tel: +380 44 232 9602 

Alexander Slipchuk, Chief Executive Officer

 

www.ukrproduct.com 

ZAI Corporate Finance Ltd.

 

Nominated Adviser and Broker

Peter Trevelyan-Clark, John Treacy

Tel: +44 20 7060 2220

www.zaicf.com



 

This announcement contains information which was previously inside information for the purposes of Article 7 of the Market Abuse Regulation EU Regulation 596/2014.

 

Ukrproduct Group Ltd is one of the leading Ukrainian producers and distributors of branded dairy products and kvass, a traditional fermented beverage. The Group's product portfolio includes processed and hard cheese, packaged butter, skimmed milk powder (SMP) and kvass. Ukrproduct has built a range of recognisable product brands ("Our Dairyman", "People's Product", "Creamy Valley", "Molendam", "Farmer's") that are well known and highly regarded by consumers. The Group reported unaudited consolidated total assets of approximately GBP 13.8 million as at June 30, 2016 and unaudited consolidated revenues of approximately GBP 8.2 million for the six months then ended. In its full year ended 31 December 2015, the Group reported audited revenues of approximately GBP 20.2 million. Ukrproduct's securities are traded under the symbol "UKR" on AIM, a market operated by the London Stock Exchange.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and they may differ materially from the actual events or results. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in such projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Ukraine, rapid technological and market change in our industry, as well as many other risks specifically related to the Group and its operations.


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