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Pebble Beach reaches new Santander agreement, appoints new director
AIM-quoted software business Pebble Beach Systems has agreed to headline terms with Santander for an amendment to its revolving credit and term loan facilities agreement, securing the facility until 30 November 2019 in a deal that was expected to include a simplification of its banking covenants.
Pebble Beach advised shareholders on Friday that the heads of terms were still subject to revision of the existing documentation, something the group anticipated would conclude shortly, before becoming legally binding.
John Varney, Pebble Beach's non-executive chairman, said, "The proposed new facilities give us the headroom to continue with our strategy to remain independent and focus on Pebble Beach Systems as a platform to rebuild the group," he added.
Separately, Pebble Beach announced that it had added Graham Pitman, co-founder of Pro-Bel and vice chair of media solutions firm Snell, to its board with immediate effect to take up its vacant non-executive director position, as well as nominating him as a member of its audit, remuneration and nomination committees.
"We are delighted to welcome Graham to the board of Pebble Beach Systems, which will benefit from the breadth of his industry experience in both the traditional and new technologies segments," added Varney.
As of 0840 GMT, shares had skyrocketed 73.91% to 2.00p