Access Intelligence PLC Issue of CLNS and Trading Update (0568Z)
December 08 2014 - 2:00AM
UK Regulatory
TIDMACC
RNS Number : 0568Z
Access Intelligence PLC
08 December 2014
FOR RELEASE
7.00AM
08 DECEMBER 2014
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
ISSUE OF NEW convertible loan notes
Trading update
Issue of new Convertible Loan Notes
Access Intelligence is pleased to announce that it has raised
GBP1.1 million (before expenses) through the issue of GBP1.1
million nominal five year unsecured convertible, redeemable, loan
notes ("CLNs"). The CLN's will pay a coupon of 8% and are
convertible into ordinary shares at 3 pence per share. The
participants were Elderstreet VCT, Hawk Investment Holdings
Limited, Octopus Investments and another financial institution. The
proceeds will increase the working capital of the Company so that
in the event that the GBP1.25m of existing loan notes are redeemed
in December 2015 the Company will have the necessary cash headroom
to meet that redemption payment.
Elderstreet VCT is a substantial shareholder in Access
Intelligence and therefore the issue of GBP200,000 nominal of the
CLN's to Elderstreet VCT 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 Group's
nominated adviser, Sanlam Securities UK Limited, consider the terms
of the CLNs to be fair and reasonable insofar as shareholders are
concerned.
Trading Update
Despite completing a number of new sales in the final quarter of
the financial year, the revenue recognition basis of the software
as a service business model, has meant that sales and profit will
be below market expectations for the year ended 30 November 2014,
but at similar levels to those achieved in the corresponding period
last year. The year end cash position of approximately GBP1,000,000
is however in line with market expectations and following the
completion of the issue of the new CLNs will be significantly
enhanced.
In addition, the Group expects to announce its preliminary
results in April 2014.
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Kole Dhoot (CFO)
Sanlam Securities UK Limited (Nominated Adviser & Broker)
020 7628 2200
Simon Clements
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUBOORSRAURUA
Access Intelligence (LSE:ACC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Access Intelligence (LSE:ACC)
Historical Stock Chart
From Apr 2023 to Apr 2024