BOS GLOBAL Holdings Limited Company Update (6317W)

TIDMBOS

RNS Number : 6317W

BOS GLOBAL Holdings Limited

15 November 2017

BOS GLOBAL Holdings Limited

ACN 009 087 852

AIM Release

15 November 2017

Company Update

Further to the announcement of 9 November 2017, the Board of BOS GLOBAL Holdings Limited ("BOS GLOBAL" or the "Company") advises that the Company is pursuing urgent discussions with the Company's primary funding provider, Innovation Corporation Limited ("Innovation"), and the Company's broker regarding the Company's financial position and the options available for securing the required funding in excess of the minimum GBP125,000 monthly instalments due under the Innovation Convertible Note agreement to meet its liabilities and fund the ongoing business so as to retain value for shareholders and creditors. Innovation is a party to the s249D notice received by the Company (see announcement of 10 November 2017).

The Company continues to actively manage its creditor position although it would have insufficient funds to meet these liabilities should they need to be settled in full in the short-term. A summary of the Company's estimated working capital position is set out below. The Company stresses that this estimate is based on unaudited management accounts which bring with them a much lower level of reliability than an audited set of accounts(1, 2) . Consequently, the figures below should be considered indicative only.

Aged Creditors

   Invoices expected but not yet received(3)          AUD325,000 
   1-30 days since invoice                                  AUD225,000 
   31-60 days since invoice                                AUD  70,000 
   61+ days since invoice                                   AUD  60,000 
   Employee and contractor entitlements                       AUD135,000 
   Other (eg tax liabilities)                                               AUD  85,000 
   Total                                                                AUD900,000 
   Cash at bank                                                   AUD185,000 

1. Values have been rounded to the nearest AUD5,000 to take account of potential fluctuations in exchange rates as BOS holds cash and pays expenses in a variety of currencies including GBP, AUD and USD

2. Please note that the figures in the working capital position estimate are prima facie based on a reference date of 27 October 2017 and as such so they have aged further since this time, however adjustments have been made to account for invoices paid since this date

   3.     This figure is an estimate only 

The Company also advises that, as part of its cost cutting initiatives and more focused strategy, Bill Brooks, formerly the Global PMO Director for BOS GLOBAL, is no longer with the Company. The Company thanks Bill for his service and wishes him well in his future endeavours.

The Company cautions that the discussions with its broker and Innovation are incomplete and there can be no guarantee that there will be a successful outcome which provides the Company with the funding required. The Company also cautions that there may not be alternative sources of timely funding available outside of the groups above. Should sufficient funding not be available in the short term to meet the Company's requirements, placing the Company into administration may be a possible outcome. The Board remains committed to seeking a viable solution and will make further announcements as appropriate.

This announcement contains inside information for the purpose of Article 7 of the Market Abuse

Regulation (EU) No. 596/2014.

**ENDS**

For further information please visit www.bosglobal.com or contact:

 
 Adam Webb            BOS GLOBAL Holdings    Tel: [phone] 
  Non-Executive        Limited                443319 
  Director 
  David Ireland                               Tel: [phone] 
  Chairman                                    4071 
===================  =====================  ===================== 
 Andrew Thomson       RFC Ambrian            Tel: [phone] 
  NOMAD                Limited                2500 
===================  =====================  ===================== 
 Charles Goodfellow   Peterhouse Corporate   Tel: [phone] 
  /                    Finance Limited        9791 
  Lucy Williams 
  Broker 
===================  =====================  ===================== 
 Megan Dennison       St Brides Partners     Tel: [phone] 
  / Charlotte Page     Ltd                    1177 
  Financial PR 
===================  =====================  ===================== 
 

Notes

BOS GLOBAL is a London listed (AIM:BOS), cloud based software developer with a suite of products that enable organisations to transform their operations through improving workforce engagement. The Company's BOS Time product is a component of its Global Enterprise Productivity Platform ("PaaS"), BOS 360 Work Patterns, which incorporates patented technology that uses workforce analytics to render real time views of worker activities as Work Patterns. BOS has a team experienced in designing, building, marketing, selling and supporting enterprise technology solutions and has been seeking to build a partnership network to assist the business with market penetration.

The Company also has a 40% interest in Call Design Pty Ltd, a profitable, Australian based, global provider of workforce optimisation tools, focused particularly on call centre services. Call Design has a significant multi-sector client base, which includes all four of Australia's major banks, leading international telecommunications companies, blue chip insurers and governmental bodies, with a current operational reach spanning 26 countries. This synergistic investment seeks to provide multiple cross-selling opportunities in line with BOS GLOBAL's strategy to deliver a comprehensive business optimisation offering.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 15, 2017 12:02 ET (17:02 GMT)