logo-loader

Sarantel secures £2 million loan facility

Last updated: 17:18 01 Mar 2012 AEDT, First published: 18:18 01 Mar 2012 AEDT

no_picture_pai

Miniature antenna maker Sarantel (LON:SLG) has secured a £2 million loan facility, which it says will help the group reach profitability.

The loan has been agreed with HSBC bank, the firm said in a statement.

It is an interest only and is available for two years and can be drawn down in stages, it added. Interest is payable quarterly at the rate of 3 per cent per year over the bank's sterling base rate. 

Chief executive David Wither said: "I believe this facility, along with the successful contract wins we have had in recent months, will give us the headroom we need to take the group forward to profitability."

Last month, the firm revealed it had won its largest order ever, which will have a significant impact on revenues and cash flow this year.

The order is from an unnamed US military radio manufacturer, which will use Sarantel’s GeoHelix GPS antennas across a range of its products.

The company said it was part a multi-year supply contract expected to be delivered over the next 12 months.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

10 hours, 43 minutes ago