Premier Veterinary Group PLC Premier Pet Care Plan Growth and Loan Note Update (6159V)
January 31 2017 - 7:11AM
UK Regulatory
TIDMPVG
RNS Number : 6159V
Premier Veterinary Group PLC
31 January 2017
PREMIER VETERINARY GROUP PLC
("PVG", the "Company" or the "Group")
"Continued growth in numbers of pets on Premier Pet Care
Plan
and Loan Note update"
London, UK, 3 1 J a n u a r y 2 0 1 7 Premier Veterinary Group
plc (LSE: PVG) provides the following update on the number of pets
on plan and funding arrangements.
Premier Pet Care Plan Customer Growth
The Group's recurring revenue streams are driven by the number
of pets that are signed up to Premier Pet Care Plan ("PPCP"), a
preventative healthcare programme for pets. The number of revenue
generating pets on active plans at the end of the fourth quarter of
2016, and in the preceding four quarters, are as follows:
000's As at As at As at As at As at
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
United Kingdom 99 107 115 121 132
Europe 5 10 14 18 21
US - - - - 1
Total no of
fee generating
pets on plan 104 117 129 139 154
Overall, the number of pets on plan has increased by 48% in the
last 12 months, and is up 11% in the last quarter.
Loan Note update
As previously announced, the Company entered into unsecured Loan
Notes with existing and new investors in the Company (including
certain directors and their connected parties) totalling GBP0.9m
with a term of 18 months. In addition, it agreed with Bybrook
Finance Solutions Limited ("BFSL") (a company of which Rajan Uppal,
an Executive Director of the Company, is sole director and
shareholder) for a further tranche with a value of GBP0.35m which
would be irrevocably committed for draw down at the Company's
option by 31 January 2017 (the "BFSL Loan Note"). The Company has
since negotiated a new loan note that will be drawn down from BFSL.
The amount of GBP0.35m which has been received today has an
extended duration of 24 months at the same rate of interest of 1%
per month. The BFSL Loan Note will be repayable on 31 January 2019
and has other normal early repayment events including a disposal of
a major part of the business or early repayment of other loan
notes. In the event of early repayment, the interest for any
unexpired period to the end of the full term will become payable.
The Company has also concluded that it will no longer take up an
overdraft facility it was negotiating with HSBC.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Will Evans, Chief Financial Officer
Square1 Consulting Tel: +44 (0)207 929 5599
David Bick/Brian Alexander
Note to Editors:
PVG's services to third party veterinary practices, through its
wholly-owned subsidiary, Premier Vet Alliance Limited ("PVA"),
include the administration and support of a preventative healthcare
program for pets branded "Premier Pet Care Plan" ("PPCP"); and the
operation of a buying group (the "PVA Buying Group") which offers
enhanced discounts to member practices on pharmaceutical and
consumable spending. In the US, Premier Pet Care Plan is marketed
through the Company's wholly-owned subsidiary, Premier Vet Alliance
(US) Limited.
PPCP is a structured, preventative healthcare program for cats,
dogs and rabbits and is available only through veterinary
practices. The program is seen as a way of providing gold standard
care for pets at an affordable price for the client, by way of
fixed monthly payments.
PPCP uses a clinical approach to prevention, as this is the most
effective method of ensuring illnesses are diagnosed more quickly
and not given a chance to advance. What truly sets PPCP apart is
its unique approach of offering an end-to-end solution and support
to the practice, which has been proven to work extremely well. PVA
works alongside practices to create a tailor-made, cost-effective
service for clients, one that delivers excellent care to their
patients and significantly improves practice performance.
The PVA Buying Group, is now the UK's largest veterinary buying
group without group interests in veterinary practices or veterinary
wholesalers offering its members the best discounts across the
industry on pharmaceutical and consumable spend.
For further details: http://www.premiervetalliance.co.uk/:
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations, and any statements preceded by,
followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims",
"intends", "will", "can", "may", "anticipates", "would", "should",
"could" or similar expressions or the negative thereof. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward- looking statements contained in this
announcement to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result
of these factors readers are cautioned not to rely on any
forward-looking statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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