Time To ACT PLC Delays Repayment on Honeywell Loan
Time To ACT PLC has announced the restructuring of its convertible loan agreement with Honeywell Technologies. The original loan, advanced in March 2023, was to fund various expenses for Diffusion Alloys before 'blue hydrogen' related coating work could commence.
The project's timeline has been delayed due to global infrastructure issues, which have been well publicized elsewhere.
The revised agreement moves the first bullet repayment from March 2027 to the earlier of March 2028 or the completion of significant volumes of coating work. The company expects to execute large-part coating work in 2027.
According to Chris Heminway, Chief Executive & Chief Strategy Officer, 'This rescheduling speaks to the strong working relationship between Diffusion Alloys and Honeywell Technologies (formerly Johnson Matthey Catalyst Technologies). The revised repayment schedule now aligns with the intention of the original agreement.'