DJ RM plc: Bank covenants waiver agreement
RM plc (RM.)
RM plc: Bank covenants waiver agreement
29-Nov-2023 / 07:00 GMT/BST
=----------------------------------------------------------------------------------------------------------------------
29 November 2023
RM plc
Bank covenants waiver agreement
RM plc, a global educational technology, digital learning and assessment solution provider ("RM", the "Company"),
announces that it has reached agreement with its lenders to extend its unconditional covenant waiver to cover the 30
November 2023 covenant test date.
As announced in its half year results on 9 August, the Company entered into discussions with its lenders to agree
suitable waivers and amendments to its existing Facility. On 29 August the renegotiation of the waiver for the period
ended 31 August 2023 was announced. In today's announcement the Company confirms that it has received waivers from its
lenders for its 30 November EBITDA financial covenant and continues to comply with the conditions of each lender with
regards to that waiver and the respective Facility Agreement. This concludes the waiver negotiations for the financial
year ending 30 November 2023.
The renegotiation of an amendment and extension of its lending facility, which matures in July 2025 is ongoing and the
Company still expects the renegotiation to have concluded by the end of Q1 2024.
Mark Cook, Chief Executive of RM, commented:
"I am grateful for the continuing support of our lenders and the amendment to our facility's covenants for the full
year. Both lenders have held long term supportive relationships with the Company over many years and continue to
support RM as it embarks on its plans to simplify the business, reduce its net debt, and return the Company to growth
and profitability."
Enquiries:
RM plc investorrelations@rm.com
Mark Cook, Chief Executive Officer
Simon Goodwin, Chief Financial Officer
Fiona O'Nolan, Investor Relations
Notes to editors
RM provides market-leading products and services to educational institutions, exam bodies and international governments
which improve, simplify and support education and learning.
The education sector is transforming, and RM is well positioned to capitalise on this through its three divisions.
-- RM Assessment is a leading provider of assessment software, supporting exam awarding bodies,
universities, and governments worldwide to digitise their assessment delivery
-- RM Technology is a market-leading supplier of ICT software, technology and services to UK schools and
colleges
-- RM Resources is the established provider of education resources for early years, primary schools, and
secondary schools across the UK and to 80 countries internationally.
=----------------------------------------------------------------------------------------------------------------------
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
=----------------------------------------------------------------------------------------------------------------------
ISIN: GB00BJT0FF39
Category Code: MSCH
TIDM: RM.
LEI Code: 2138005RKUCIEKLXWM61
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 287842
EQS News ID: 1783833
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1783833&application_name=news
(END) Dow Jones Newswires
November 29, 2023 02:00 ET (07:00 GMT)
