Brave Bison inks new £3m facility with Barclays

Social and digital media company Brave Bison Group has entered an agreement with Barclays for a new £3m revolving credit facility, it announced on Monday.

The AIM-traded firm said the facility had a term of three years, with an interest margin of 2.75% over base rate.

It said it was already “well-capitalised”, having reported gross cash of £5.4mn and net cash of £4.8mn as at 30 June.

The facility would provide additional resources with which to pursue its strategy of acquiring complementary businesses in the digital media, marketing and technology industries, the board explained.

“Brave Bison's diversified business model is now able to support modest leverage of approximately 1x underlying earnings,” said chairman Oliver Green.

“For new acquisitions we will be utilising our substantial cash balances in the first instance, followed by revolving credit facility drawings as required.

“The more challenging investment environment has reduced valuations across the industry, and we are seeing a number of exciting and accretive opportunities.”

At 0904 GMT, shares in Brave Bison Group were up 8.69% at 2.28p.

Reporting by Josh White for Sharecast.com.