{"id":95062,"date":"2021-06-21T14:18:51","date_gmt":"2021-06-21T13:18:51","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=95062"},"modified":"2021-06-21T14:18:51","modified_gmt":"2021-06-21T13:18:51","slug":"nmcn-refinancing-deal","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/nmcn-refinancing-deal\/95062\/","title":{"rendered":"nmcn agrees refinancing deal with new investors"},"content":{"rendered":"

nmcn<\/a> has agreed a refinancing deal worth up to \u00a329m, which will see the company hand over a controlling stake<\/h2>\n

The refinancing package will not only satisfy short term funding requirements but gives a clear path to providing nmcn with sustainable financial foundations.<\/p>\n

Under the arrangement agreed, the contractor will receive an immediate \u00a310m capital injection by way of a convertible bridging loan from Svella Plc, that will convert into new ordinary shares on completion of the overall transaction.<\/p>\n

A further equity fundraising of up to \u00a319m will consist of \u00a314m from new investors, including Svella Plc, who will subsequently have a controlling stake in the company, and up to \u00a35m via an open offer to existing shareholders.<\/p>\n

Svella Plc was established in 2018 to identify and acquire controlling stakes in attractive but underperforming businesses and assets<\/a>. It seeks to improve performance through operational improvement, an unwavering focus on financial performance, hands-on investment and proactive management.<\/p>\n

The board confirms that the executive directors of nmcn will remain in place led by the new CEO Lee Marks and CFO Alan Foster.<\/p>\n

\u2018Leading the business into a new chapter\u2019<\/h3>\n

Lee Marks, nmcn chief executive, said: \u201cThe last 18 months have been difficult for many individuals and many businesses.<\/p>\n

\u201cI would like to thank sincerely both our suppliers and customers who have worked with us through the challenges faced by both nmcn and the wider market.<\/p>\n

\u201cI would also like to thank all my colleagues within the business who have continued to deliver for our customers and those led by our CFO who have striven to deliver the appropriate financial structure for the future.<\/p>\n

\u201cI joined nmcn in early May 2021 because I believed it was a company that was well positioned in its key markets and had the potential to successfully and profitably address the opportunities within them.\u00a0I remain of that view and today\u2019s news enables us to now look forward.<\/p>\n

\u201cWe have much to do and we need to learn from our past mistakes, however, with the appropriate financial foundations and support of our new investors in place, I look forward to leading the business into a new chapter.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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