Catenae Innovation PLC Working Capital Facility (7445H)
March 26 2020 - 8:49AM
UK Regulatory
TIDMCTEA
RNS Number : 7445H
Catenae Innovation PLC
26 March 2020
26 March 2020
Catenae Innovation PLC
("Catenae", or the "Company")
Working Capital Facility
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of
digital media and technology, is pleased to announce that it has
entered into a loan facility agreement with B.T.I.C. Limited for an
amount of GBP150,000 ("Loan Facility" or "Agreement"). The Loan
Facility will be used for the general working capital purposes of
the Company.
The Loan Facility is unsecured and accrues interest at the rate
of 11 per cent per annum and may be drawn down in three tranches
commencing before 31 March 2020. The Loan Facility is repayable by
25 March 2022. The Loan Facility may be converted into ordinary
shares of the Company in the event of a reverse transaction at a
price equivalent to the price the shares are re-admitted to
trading.
The Loan Facility provides the Company with sufficient working
capital until at least 30 June 2020.
B.T.I.C. Limited is a company controlled by Brian Thompson who
has an interest over 31,129,781 shares in the Company, representing
circa 29% of the Company's issued share capital. Under the AIM
Rules Brian Thompson is a substantial shareholder and is therefore
a related party.
The directors of the Company, who are all independent of the
Agreement consider, having consulted with its nominated adviser,
that the terms of the Agreement are fair and reasonable insofar as
shareholders are concerned.
Guy Meyer, Interim Chief Executive Officer commented: "I am
pleased to report that new funding has been secured to support the
Company's working capital position in the short term.
We look forward to updating the market on future progress in due
course."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged for
release of this announcement on behalf of the Company was Guy
Meyer, Interim Chief Executive Officer of the Company.
For further information please contact:
Catenae Innovation PLC +44 (0)20 7929 7826
Guy Meyer, Interim Chief Executive Officer
Cairn Financial Advisers LLP (Nominated Adviser) +44 (0)20 7213 0880
Liam Murray
Jo Turner
Turner Pope Investments (TPI) Limited (Broker) +44 (0)20 3657 0050
Andrew Thacker
Zoe Alexander
Yellow Jersey PR (PR & IR) +44 (0)20 3004 9512
Sarah Hollins
Annabel Atkins
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
- Ends -
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END
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March 26, 2020 08:49 ET (12:49 GMT)
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