Highlights

  • Aferian has extended its USD 16.5 million (GBP 13 million) secured banking facilities to 20 March 2026.
  • The company continues its Formal Sale Process and discussions regarding Alternative Options, including subsidiary disposals.
  • The GBP 1.593 million Kestrel shareholder loan remains in place, maturing on 15 April 2026.

Aferian PLC (LSE:AFRN) has agreed a further short-term extension to its USD 16.5 million (approximately GBP 13 million) secured banking facilities as it continues to pursue a Formal Sale Process and assess alternative funding options. The latest extension pushes the repayment deadline to 20 March 2026, providing additional time for discussions with potential buyers and investors.

Shares in the company were trading at GBX 0.47 on 13 February at 10:19am GMT, up 5.44% on the day, though down 88.14% over the past year.

Banking Facilities Extended Again

Aferian confirmed it has reached agreement with its senior lenders — Barclays Bank, Bank of Ireland and HSBC — to extend the maturity date of its secured banking facilities to 20 March 2026.

The USD 16.5 million facilities were originally due to expire on 30 September 2025. Since then, the repayment date has been extended multiple times: first to 30 November 2025, then to 12 December 2025, 30 January 2026, 13 February 2026, and now to 20 March 2026.

The company stated that, beyond the revised repayment date and the addition of certain information disclosure obligations, the terms of the banking facilities remain materially unchanged. Any further extension beyond 20 March 2026 would require lender consent, and there is no assurance that this will be granted.

Formal Sale Process Underway

The extension is intended to allow Aferian to continue exploring strategic options, including the sale of its Amino and 24i businesses, as well as a potential sale of the company itself.

The Formal Sale Process was launched under Rule 2.6 of the Takeover Code. In parallel, the company is reviewing Alternative Options, which may include the sale of one or more subsidiaries, disposals of business assets, or other funding arrangements.

Aferian noted that several credible parties are engaged in advanced discussions regarding Alternative Options aimed at safeguarding the Group’s trading operations. However, some of these options could result in proceeds materially below the outstanding balance of the banking facilities.

Working Capital Pressures and Shareholder Loan

As negotiations continue, the Group is incurring significant advisory costs linked to the sale and funding processes. The company also faces near-term working capital requirements.

To support liquidity, Aferian continues to explore additional funding solutions. The loan provided by its largest shareholder, Kestrel Partners LLP, remains in place. Including capitalised interest, the Kestrel Loan has a principal amount of approximately GBP 1.593 million and is due to mature on 15 April 2026.

All other terms of the Kestrel Loan remain unchanged.

Aferian’s latest extension provides additional time to progress negotiations with potential buyers and funding partners. Discussions with lenders and interested parties remain ongoing, but there is no certainty regarding the outcome of the Formal Sale Process, Alternative Options, or the availability of further working capital. The company has stated it will provide updates as developments occur.

FAQs

  1. Why has Aferian extended its banking facilities?

The extension to 20 March 2026 provides additional time for the company to explore a sale of its businesses or the company itself, alongside alternative funding solutions.

  1. How much are the banking facilities worth?

The secured banking facilities total USD 16.5 million, approximately GBP 13 million.

  1. What is the Kestrel Loan?

The Kestrel Loan is a shareholder loan from Kestrel Partners LLP with a principal of about GBP 1.593 million, maturing on 15 April 2026.