15 Jun 2018 15:06
The People's Operator plc
("TPO", the "Company" or the "Group")
Update re: Barclays
Further to the announcement of 8 June 2018 (the "Announcement"), The People's Operator (AIM: TPOP), the cause-based commercial mobile virtual network operator, announces the following update regarding its ongoing discussions with Barclays Bank plc ("Barclays").
As outlined in the Announcement, TPO has been in discussion with Barclays, its sole secured creditor, regarding the use of proceeds from the proposed disposal of TPO's US business (the "Disposal") and the extent to which such proceeds would be required to repay amounts outstanding to Barclays, which currently stand at £1,020,000.
Barclays has requested that all proceeds from the Disposal and the related release of deposits should be placed into a security realisation account only to be released on the basis that the Company can demonstrate that it can raise further funds to invest in the UK business.
As set out previously the Company currently has limited cash resources. The Board believes that it is highly likely to require bridge funding to cover the period to receipt of the proceeds of the Disposal. The Board is therefore urgently considering all its options while the Company continues to seek such bridge funding.
Further announcements will be made in due course.
For further details, please contact:
The People's Operator plc Nick Dashwood Brown, Head of Investor Relations
| 07710 511259 |
finnCap Ltd Stuart Andrews / Simon Hicks
| 020 7220 0500 |
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.