RNS Number:1462O
ILX Group PLC
18 February 2008
For release at 07.00, 18 February 2008
ILX Group plc (ILX/L)
("ILX" or "the Company")
Re: Financing
ILX Group plc, the AIM quoted business education and training specialist, is
pleased to announce that banking facilities totaling £6.0 million have been
agreed with Barclays Bank plc.
The new facilities, which are on improved terms to the Company's current
facilities, comprise a £5.0 million amortising term loan, repayable over four
years, and a confidential invoice finance facility of £1.0 million.
The facilities will be used to refinance £2.2 million of existing debts and will
also be applied to pay in cash the remaining £1.0 million balance on the first
earn-out payment due to the vendors of the Corporate Training Group ("CTG").
The balance of the facilities are available to finance the final CTG earn-out
payment, which the Board expects to be earned in full and becomes payable on 30
June 2008 by way of £1.0 million in cash and £1.5 million in cash or new
ordinary shares at the Company's option, and to fund future growth of the
business.
Ken Scott, Chief Executive of ILX Group commented:
"The Board is very pleased with our new banker's support of ILX Group and this
improved facility is a demonstrable measure of confidence in the company's
future prospects".
Lee Everson, Relationship Director, Barclays Commercial Bank said:
"ILX Group is a market leading business with a proven management team. Their
potential for growth is undoubtedly strong and we are therefore delighted to be
supporting them with their plans."
Enquiries:
ILX Group plc 020 7751 7100
K Scott / J Pickles
Adventis Financial PR 020 7034 4758/4759
Tarquin Edwards / Chris Steele
Charles Stanley Securities (Nominated 020 7149 6000
Adviser)
Philip Davies / Carl Holmes
Editor's Notes
ILX Group plc is a leading provider of vocational training to the private and
public sectors, delivered through Computer Based Training (CBT), e-Learning,
instructor-led courses/workshops.
ILX Group now trades through two divisions:
1. Best Practice provides CBT, e-learning, instructor-led training and
implementation consultancy principally to the programme and project
management, IT service management and business finance markets.
www.ilxgroup.com
2. Banking & Finance (through Corporate Training Group) provides instructor-led
training, workshops and related services, principally to the investment
banking community. www.ctguk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQELFFVLBXBBZ
|