Access Intelligence PLC Extension of Convertible Loan Notes (8921S)
December 28 2016 - 10:28AM
UK Regulatory
TIDMACC
RNS Number : 8921S
Access Intelligence PLC
28 December 2016
ACCESS INTELLIGENCE PLC
("Access Intelligence", "the Company" or "the Group")
EXTENSION OF CONVERTIBLE LOAN NOTES
Access Intelligence Plc (AIM: ACC), a leading supplier of
Software-as-a-Service (SaaS) solutions for reputation and
operational risk management, is pleased to announce the extension
of GBP1.25 million of convertible loan notes by Elderstreet VCT plc
("Elderstreet") and Unicorn AIM VCT plc ("Unicorn") (together
Elderstreet and Unicorn are the "Note Holders").
On 1 July 2009, the Company announced that it had issued
GBP1,750,000 of convertible loan notes (the "Loan Notes"), of which
GBP1,250,000 remains outstanding. The terms were that the Loan
Notes are redeemable at par or convertible to ordinary shares of
0.5p each in the Company ("Ordinary Shares") at a price of 4p per
Ordinary Share on or before 31 December 2016.
On 22 December 2016, the Note Holders and the Company agreed to
extend the term of the Loan Notes such that they will be redeemable
at par or convertible to Ordinary Shares at 4p per Ordinary Share
on or before 31 December 2017. All other terms of the Loan Notes
remain unchanged.
Elderstreet is a substantial shareholder in Access Intelligence
and therefore the extension of the convertible loan notes is
considered to be a related party transaction pursuant to Rule 13 of
the AIM Rules. The independent directors of Access Intelligence,
having consulted with the Company's nominated adviser, Allenby
Capital Limited, consider the terms of the loan notes to be fair
and reasonable insofar as shareholders are concerned.
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Allenby Capital
David Worlidge / James Thomas 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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