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Brave Bison Group PLC - London-based social and digital media company - Enters into agreement with Barclays Bank PLC for a £3 million, 3-year revolving credit facility, with an interest margin of 2.8% over base rate.
Says it is already well-capitalised, with gross cash of £5.4 million and net cash of £4.8 million as at June 30. The financing facility will provide additional resources to pursue its strategy of acquiring complementary businesses in the digital media, marketing, and technology industries, it explains.
Chair Oliver Green says: "Brave Bison's diversified business model is now able to support modest leverage of approximately 1x underlying earnings. For new acquisitions we will be utilising our substantial cash balances in the first instance, followed by RCF drawings as required."
Current stock price: 2.28 pence, up 8.5% on Monday
12-month change: up 63%
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