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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
21st Century Technology Plc | LSE:C21 | London | Ordinary Share | GB0008866310 | ORD 6.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 4.00 | 4.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMC21
RNS Number : 1316A
21st Century Technology PLC
21 December 2017
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
21 December 2017
21st Century Technology plc
("21(st) Century" or "the Group")
Trading update and signing of new GBP1.25 million invoice discounting facility
21(st) Century Technology plc (AIM: C21), the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off vehicle, is pleased to announce, as it draws to the end of its fourth quarter, that the business is generating double digit (over 10%) sales growth during H2 compared with H1, and expects to show over 15% growth year-on year in H2.
In light of the pick-up in sales growth in the second half, the Board has moved to secure additional working capital financing and is pleased to announce today that it has secured access to a new GBP1.25 million invoice discounting facility with Close Brothers (the "New Facility"). Accessing the new facility requires a number of technical changes to the terms of the existing loan notes. The Board is delighted that loan note holders have unanimously supported the changes which are listed below.
The New Facility will be used to provide additional working capital to the Group and replaces the existing facility (currently drawn in the amount of approximately GBP270,000) on materially improved terms. The New Facility attracts various platform and interest charges though the Board expects the cost to range between 7-8 per cent. APR, compared with approximately 15-20 per cent. currently.
In order to secure the New Facility the Company has agreed a Deed of Priority with the lending parties to the GBP300,000 loan notes announced on 8 December 2016 (the "Loan Notes") the effect of which is to subordinate their security to that of Close Brothers in respect of the New Facility.
In aggregate GBP60,000 of the Loan Notes are held by three of the Company's directors, Russ Singleton, Mark Elliott and James Cumming (the "Lending Directors"); as such, the Deed of Priority is a related party transaction for the purposes of the AIM Rules.
The independent director of 21(st) Century for this purpose, being the Company's Chief Financial Officer Nick Lowe, considers, having consulted with finnCap, that the Deed of Priority is fair and reasonable insofar as the Company's shareholders are concerned.
Russ Singleton, Chief Executive Officer, said: "I am pleased with the progress we are making. We have strengthened the management team with a number of key appointments and see exciting potential emerging within existing accounts and from the new customers won this year."
Enquiries:
21st Century Technology Russ Singleton/Nick Tel: 0844 871 plc Lowe 7990 finnCap Nominated Adviser Julian Blunt/Scott Tel: 0207 220 Mathieson 0500 Media enquiries Communications Ariane Comstive / Tel: 07785 Portfolio Helen Carpanini 922 354/ 0207 536 2007
Notes to editors:
'Connected Systems for Connected Journeys'
21st Century Technology is the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off the vehicle. Comprised of a Fleet Systems division and a Passenger Systems division, 21st Century Technology provides integrated solutions both on and off the vehicle to deliver 'connected systems for connected journeys'.
Fleet Systems: include CCTV video surveillance; to improve passenger & driver safety, vehicle & driver performance monitoring, real-time on-board IT subsystems management and automatic passenger counting.
Passenger Systems: include the design & manufacture of all the necessary hardware and software for electronic passenger information systems, off-vehicle smart ticketing and way-finding.
With over 20 years' experience in the transport industry, 21st Century Technology specialises in providing innovative, cost-effective technology lead solutions to improve the passenger experience and provide operational benefits to fleet and network operators.
Further information on the company is available on www.21stplc.com or search for 21st Century Technology on LinkedIn and @21stCenturyLtd on Twitter.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 21, 2017 11:00 ET (16:00 GMT)
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