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ECO Animal Health Group - Surrey-based pet and livestock pharmaceuticals - Signs new bank facility agreement with its bank, National Westminster Bank PLC. The new facility is a revolving banking facility and will provide for drawings of up to £10 million in flexible amounts and repayment periods. The facility has a term expiring on June 30, 2026, and the interest rate is 1.95% plus the sterling overnight index average lending rate.
The company says that the revolving banking facility will provide structured working capital support. It will also ensure that the company has confidence to progress its new product development programme, it adds.
Chief Financial Officer Christopher Wilks comments: ‘I am very pleased to have signed this facility with NatWest; it will provide the flexibility to fund working capital movements in these uncertain times and allow us to use our core cash generated from operations to fund our exciting research and development projects.’
Current stock price: 111.70 pence each, down 0.3% on Monday
12-month change: down 70%
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