RNS Number : 5964T
Pressure Technologies PLC
16 November 2023

A picture containing font, symbol, logo, graphics Description automatically generated

16 November 2023


Pressure Technologies plc

("Pressure Technologies" or "the Company" or "the Group")


Debt Refinancing and Grant of Warrants


Pressure Technologies plc (AIM: PRES), the specialist engineering group, is pleased to announce completion of the debt refinancing and grant of warrants announced on 24 October 2023.

Debt Refinancing


The Company has formally executed legal documentation with Rockwood Strategic plc1 and Peter Gyllenhammar AB (together "the Lenders"), both major shareholders in the Company, in relation to a new Term Loan Facility of £1.5 million ("the Facility"). 


The Facility has been subject to full drawdown and has been utilised to repay an outstanding bank loan of approximately £0.9 million to Lloyds Banking Group, to settle transaction costs and to provide additional working capital headroom.


The principal terms of the Facility are as described in the prior announcement dated 24 October 2023.


Grant of Warrants


In conjunction with the provision of the Facility, the Lenders have been issued with 1,933,358 warrants in aggregate (representing 5% of the issued share capital) to subscribe for ordinary shares in the Company ("the Warrants") at a price of 32 pence per share, representing a 20% premium to the closing share price on 23 October 2023 (being the day prior to the announcement of the Facility). The Warrants may be exercised at any time in the 5 years following drawdown of the Facility and continue to be exercisable in the event the Facility is repaid before its final expiry.


Chris Walters, Chief Executive of Pressure Technologies plc, commented:


"We are delighted to have completed the refinancing with the support of two of our major shareholders. Our new Facility will enable us to further develop the business whilst we realise value from the sale of the Precision Machined Components division."


Richard Staveley, Non-Executive Director of Pressure Technologies plc and Fund Manager of Rockwood Strategic plc, commented:


"Constructively engaging with Pressure Technologies has led to us providing this loan, alongside Peter Gyllenhammar AB, another major shareholder, to support the Company through to the planned divestment of the Precision Machined Components division, which we believe will unlock shareholder value. Chesterfield Special Cylinders is a world-class manufacturing business serving a multitude of allied navies, air forces and leading industrial businesses. Exposed to the emerging hydrogen economy, it is also a trusted provider of integrity management services to mission-critical defence platforms. The Company has material asset backing and we are proud to provide finance to such an important business within the UK's manufacturing base."


Additional Information


1 Harwood Capital LLP is the investment manager of Rockwood Strategic plc.


For further information, please contact:

  Pressure Technologies plc

  Chris Walters, Chief Executive

  Steve Hammell, Chief Financial Officer

Tel: 0333 015 0710

  Singer Capital Markets (Nomad and Broker)

  Rick Thompson / Asha Chotai

Tel: 0207 496 3000

  Houston (Financial PR and Investor Relations)

  Kay Larsen / Ben Robinson                                               

Tel: 0204 529 0549




With its head office in Sheffield, the Pressure Technologies Group was founded on its leading market position as a designer and manufacturer of high-integrity, safety-critical components and systems serving global supply chains in oil and gas, defence, industrial and hydrogen energy markets.

The Group has two divisions:


·    Chesterfield Special Cylinders (CSC) - 

·    Precision Machined Components (PMC) -

Includes the Al-Met, Roota Engineering and Martract sites.





Notification and public disclosure of transactions by Persons Discharging Managerial Responsibilities ("PDMR") and Persons Closely Associated with them:




Details of the Person Discharging Managerial Responsibilities / Person Closely Associated






Rockwood Strategic plc



Reason for the notification




Person Closely Associated with Richard Staveley (Director and PDMR of the Company)



Initial notification /Amendment

Initial Notification




Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




Pressure Technologies plc









Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted





Description of the financial instrument, type of instrument

Warrants to subscribe for ordinary shares

Identification code



Nature of the transaction

Grant of Warrants



Price(s) and volume(s)

Volumes: 966,679 warrants

Exercise price: 32p




Aggregated information




Date of the transaction

14 November 2023



Place of the transaction

Outside of a trading venue


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.