Literacy Capital PLC - London-based investment trust that makes long-term investments in private UK businesses and donates to literacy and education charities - Increases the limit of its revolving credit facility with OakNorth Bank PLC to £50 million from £40 million. The existing rates of interest and the term to September 2027 are unchanged. The increase is not expected to increase costs for Literacy, it says. Minimum net asset value increases to £225 million from £200 million.
‘This additional flexibility will allow Literacy to provide further support to its portfolio companies, as well as allowing it to generate most value for shareholders from the investments it holds,’ says Richard Pindar, chief executive officer of Literacy Capital’s investment manager, Book Asset Management LLP.
Drawings under the facility to date total £35 million, with Literacy’s borrowing policy permitting ‘indebtedness of up to a maximum of 20% of its net asset value’.
Current stock price: 394.00 pence, up 1.0% in London on Tuesday afternoon
12-month change: down 22%
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