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SEC Newgate S.p.A. Key 2020 RNS Announcements

15 April 2020

4 February:  Trading Update

  • Results expected to be in line with management expectations with consolidated total turnover in excess of €47m (unaudited), consolidated unadjusted Profit Before Tax of c. €1.6m (unaudited and subject to year-end adjustments). Consolidated Net Debt at 31 December 2019 was c. €9.0m (unaudited and excluding the impact of IFRS 16 adjustments). 
  • Group’s three-year Strategic Plan being implemented, an example of which was the replacement €3m banking facility secured with Deutsche Bank S.p.A., on preferable terms with no security or covenants, reflecting the improved financial stability of the Group. 

8 February: € 2.5m Convertible Bond  

  • An important element in the Group’s Strategic Plan, signed with Inveready Convertible Finance Capital I FCR and Inveready Convertible Finance Capital SCR S.A., to finance the implementation of the strategic plan, announced in November 2019, as well as to support the Company's working capital requirements.

8 March:  Completion of € 2.5m Convertible Bond

9 March:  Company Update

  • Following the Italian government's implementation of measures to stop the spread of the coronavirus (COVID-19) the Group announced that to date there had been no significant impact on the Group's business as a result of COVID-19
  • The Company is closely monitoring the situation.

6 April:  Notice of Group CFO Change and Business and Coronavirus Update

  • Appointment of Sergio Penna as Group Financial Officer
  • Excellent start made to the current financial year, generating a very healthy level of new business wins and performing at above budget profit levels
  • Group anticipates the level of future activity will be adversely affected to varying degrees in individual countries where we operate depending on the severity of CV-19
  • All discretionary spend reduced and the likely three-month position assessed
  • Group’s service offering has been recalibrated and a best practice exchange setup
  • Committed banking facilities available with maintainable covenants and excellent relationships with its lenders to support the Group through this difficult period
  • Also benefits from the recent Euro 2.5m Convertible Bond issue and a new Euro 3m four-year banking facility with Deutsche Bank S.p.A announced in December 2019

7 April:  Director Dealing – Executive Director, Emma Kane increases stake