Arena Events Group secures funding for new contract wins
By Iain Gilbert
Date: Monday 11 Nov 2019
(Sharecast News) - Event solutions business Arena Events Group has scored a number of new contracts across its US, UK and Middle Eastern divisions, all of which require upfront funding of some description.
The new projects are all due for delivery in the first half of 2020 and will require an upfront investment in both equipment and additional working capital.
Arena has locked in a short-term financing deal with major shareholder Lombard Odier Investment Management in order to support the delivery of the new contracts.
The AIM-listed group will have £2m made available to it to draw down upon, repayable six months from inception, with a 2% arrangement fee and an additional 5% premium on the drawn funds.
Chairman Ken Hanna said: "The board is pleased with the continued support of LOIM and this new facility demonstrates their confidence in the company going forward.
"Our business is, at times, capital intensive and the need for additional finance reflects the group's positive performance in winning new contracts which together with the, already secured, multi-million pound contracts for the US Ryder Cup and the seating and structures contracts for Tokyo Olympics, sets the group up for a strong 2020."
As of 1055 GMT, Arena shares were down 1.79% at 19.15p.
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