Further to the Company’s announcement on 4 December 2024, Biome Technologies plc (LON:BIOM), a leading bioplastics and radio frequency technology business, has announced that the Company has agreed the terms of a £750,000 secured funding loan facility to provide working capital for the Group.
Background to and reasons for the Secured Funding Facility
On 4 December 2024, the Company announced, inter alia, that internal completion dates for two large RF projects, originally expected to be completed in 2024, had been revised into Q1 2025, which had created a requirement for additional working capital in the absence of which the Company would be unable to meet its liabilities as they fall due. The Company, having had the offer of this Secured Funding Facility, discussed working capital sourcing with a range of external providers but concluded that no external providers were able to offer better terms nor the flexibility or timeliness provided by the Secured Funding Facility.
The Secured Funding Facility has been provided by the Company’s Non-Executive Directors who are also substantial shareholders. The Secured Funding Facility will enable the Company, across its divisions, to navigate the period through to completion of the RF contracts.
