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Business update

Uvenco UK plc (the "Company") 

Business update 

The Company is pleased to announce that it has renewed its contract with its important NHS customer, Heart of England, for a further 5 years. Additionally, the Company has been awarded new 5-year contracts with Queen Elizabeth NHS and Milton Keynes NHS for the provision of vending machines. The Company estimates the new and renewed contracts will provide annualised revenues in the region of £550,000.

 

The total number of machines to be installed is approximately 100, all to be fitted with media screens, cashless readers/Apple pay and telemetry. The machines will be supplied by Unicum and Westomatic and are intended to be installed in June 2017. Following installation, the Company will seek to sublease the machines, allowing the Company to secure upfront funding, to be repaid over the term of the agreement.

 

In order to support the process of installation, the Company has today entered into an agreement with Cleitus Investments Limited ("CIL"), a wholly owned subsidiary of Uvenco Group in Russia, for the provison of an additional short term loan of £65,000 ("the Loan")The Loan, which is cash-only, will bear interest at 8% per annum, is repayable within 60 days, and will be paid down once the machines have been subleased or earlier from the Company cash flows.

 

Related Party Transaction 

The CIL is a related party of the Company. CIL is a wholly-owned subsidiary of Uvenco Group in Russia, which is controlled by the Belotserkovsky family with Boris Belotserkovsky, a non-executive director of the Company and a member of the Belotserkovsky concert party, acting as Chairman of the board. Sergei Kornienko, Chief Executive of the Company, is Chief Executive of the Uvenco Group.

 

The independent directors of the Company (being the directors, with the exception of Boris Belotserkovsky and Sergei Kornienko), having consulted with the Company's nominated adviser, Stockdale Securities Limited, consider that the terms of the Loan Agreement are fair and reasonable insofar as the Company's shareholders are concerned.

 

The Audit report 

The audit process is progressing and the Company expects to announce its audited final results for the 9 months ended 31 December 2016 in June 2017. The results are in line with management expectations.

 

Enquiries 

Uvenco UK plc                                 Tel No. 020 8879 8300

Sergei Kornienko

Peter Goodman

 

Stockdale Securities                       Tel No. 020 7601 6100

Tom Griffiths

Richard Johnson

 

This announcement contains inside information under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


This information is provided by RNS
The company news service from the London Stock Exchange

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/UVEN/13244056.html