- reach4entertainment enterprises has announced that it has today completed its Bank Refinancing with AIB announced on 13 November 2015.

As a result, the Company has completed the Placing to raise £4.0 million (before expenses). The Placing involved the placing of 400,000,000 New Ordinary Shares with new and existing shareholders at a price of 1 penny per share.

In addition, the Company has entered into the New Facility with PNC Business Credit, a trading style of PNC Financial Services UK Ltd. The New Facility is a three year secured asset based debt facility of £9.5 million being made up of a £1 million term loan and a revolving credit facility of up to £8.5 million based on qualifying accounts receivable.

r4e also confirmed that it has repaid its existing loan facility agreement of £14,785,000 with AIB.

At 11:57am: (LON:R4E) Reach4Enternainment Enterprises share price was +0.05p at 1.38p

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