RNVO Renovo Grp

TIDMINSC

RNS Number : 1715Z

Inspired Capital PLC

16 September 2015

16 September 2015

Inspired Capital plc

("Inspired" or the "Company")

Additional Debt Facilities

Inspired Capital plc, a challenger provider of customer-focused financial solutions to SMEs is pleased to announce that is has agreed the terms of a GBP10.0 million debt finance facility (the "Facility") from Tavistock Ventures Inc. ("Tavistock Ventures"). The proceeds of the Facility will be used to finance the Company's general working capital and to allow the Company to grow its loan book.

The Facility is unsecured and will charge an interest rate of 5 per cent. per annum accruing on a daily basis and calculated on the actual number of days elapsed. The interest terms are flexible and interest will be payable quarterly commencing on 30 September 2015 but only if Inspired has sufficient cashflow, otherwise the unpaid interest is compounded and added to the Facility. The Facility will be repayable on 30 June 2016 or such other date as the parties may agree. As a result of Tavistock Ventures being a related party under the AIM Rules for Companies, the directors excluding Ron Robson and David Craven, having consulted with the Company's nominated adviser Cenkos, consider the terms of the Facility to be fair and reasonable insofar as the Company's shareholders are concerned.

 
 Inspired 
  Ron Robson                                        via Newgate 
  Neil McMyn 
 Cenkos Securities (Nomad and Broker) 
  Max Hartley/Harry Pardoe (Corporate Finance)    +44 (0) 20 7397 8900 
 Newgate Communications 
  Tim Thompson 
  Andre Hamlyn 
  Helena Bogle                                    +44 (0) 20 7653 9850 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDDGDCUUBBGUU

(END) Dow Jones Newswires

September 16, 2015 02:01 ET (06:01 GMT)

Renovo (LSE:RNVO)
Historical Stock Chart
From May 2024 to Jun 2024

Renovo (LSE:RNVO)
Historical Stock Chart
From Jun 2023 to Jun 2024