16 April 2021
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018
NMCN PLC
("nmcn" or "the Company" or "the Group")
£8.9 million facility concluded
and
Notice of results
Further to the financing update of 6 April 2021 the Company is pleased to announce the conclusion of a finance package ("Facility") of up to £8.9 million with the Reflex Bridging Limited, secured against the Company's property development projects. The Facility is for a period of up to 18 months.
The overdraft facility with Lloyds Bank plc ("Overdraft") has been updated to £12.3m and extended until 31 May 2021. The total funds available under the Overdraft will taper over time as funds are released from the sale of the development properties.
The Company continues to work on securing a financing package more appropriate to the size and nature of the Group's businesses and risk profile.
A further update will be made in due course.
Notice of results
It is now anticipated that the 2020 Preliminary Results of the Company will be published by the end of June to allow sufficient time to conclude the refinancing and take into account the inherent inefficiencies of preparing audited results under COVID-19 restrictions.
Enquiries:
nmcn Plc - 01623 515008
Ian Elliott, Acting Chairman
Robert Moyle, Acting Chief Executive
Alan Foster, Chief Financial Officer
About nmcn
nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.
The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.
LEI Number: 213800ANYQVA5OS51A68
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