Altitude Group PLC Repayment of 2016 Loan Notes (8605J)
June 18 2014 - 2:00AM
UK Regulatory
TIDMALT
RNS Number : 8605J
Altitude Group PLC
18 June 2014
Altitude Group plc
(the "Group")
Repayment of 2016 Loan Notes
Further to the final results announcement on 28 May 2014, the
Directors are pleased to confirm that the Company has received GBP2
million in cash from Stridage Holdings Limited ("Stridage") in
relation to the early settlement of the loan notes due in 2016.
The loan notes were issued in part consideration for the sale of
the Group's Promotional Marketing Division to an MBO team in
2011.
In the event that Stridage is sold within the next twelve
months, a further amount of GBP200,000 will be receivable. The
amount reduces to GBP100,000 if the sale were to occur within the
following twelve months.
Stephen Yapp, Executive Chairman commented "I am delighted that
we have concluded the loan note redemption which provides the Group
with the resources to pursue its strategy of investing in the core
technology and resources for the foreseeable future."
Contacts:
Altitude Group plc
Stephen Yapp (Executive Chairman) Tel: 07879 443087
Richard Sowerby (Chief Financial Officer) Tel: 07525 220876
WH Ireland Limited (Nominated Adviser and
Broker)
Tim Feather Tel: 020 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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