19 July 2022

COHORT PLC

("Cohort" or "the Group")

Cohort plc extends banking facility

Cohort plc, the independent technology group, announces that it has completed a renewal of its banking facility.   The new and increased facility is for a total of £50m and runs for three years to July 2025, with options to extend it for a further two years to July 2027. 

The terms are broadly similar to those of the previous £40m facility, which was due to expire in November 2022.  The new facility provides for an initial £35m to be drawn with an option (accordion) for a further £15m. The syndicate of banks providing the facility has also been extended with the addition of Commerzbank to NatWest and Lloyds.

Simon Walther, Cohort Finance Director, said:

"The facility provides the Group with a flexible arrangement to draw down for acquisitions and overdraft.  The addition of Commerzbank gives us provision for banking instruments, such as bank guarantees, in Germany where our subsidiary ELAC Sonar is located."

ENDS

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NOTES TO EDITORS  

Cohort plc (www.cohortplc.com) is the parent company of six innovative, agile and responsive businesses based in the UK, Germany and Portugal, providing a wide range of services and products for domestic and export customers in defence and related markets.

Chess Technologies, through its operating businesses Chess Dynamics and Vision4ce, offers surveillance, tracking and fire-control systems to the defence and security markets. A majority stake was acquired by Cohort plc in December 2018. www.chess-dynamics.com 

EID designs and manufactures advanced communications systems for naval and military customers. Cohort acquired a majority stake in June 2016.  www.eid.pt

ELAC SONAR supplies advanced sonar systems and underwater communications to global customers in the naval marketplace.  Acquired by Cohort in December 2020.  www.elac-sonar.de 

MASS is a specialist data technology company serving the defence and security markets, focused on electronic warfare, digital services and training support.  Acquired by Cohort in August 2006. www.mass.co.uk

MCL designs, sources and supports advanced electronic and surveillance technology for UK end users including the MOD and other government agencies. MCL has been part of the Group since July 2014. www.marlboroughcomms.com

SEA delivers and supports technology-based products for the defence and transport markets alongside specialist research and training services. Acquired by Cohort in October 2007. www.sea.co.uk

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in March 2006. It has headquarters in Reading, Berkshire and employs in total over 1,000 core staff there and at its other operating company sites across the UK, Germany and Portugal.