Imaginatik PLC Director Loan (4712C)

TIDMIMTK

RNS Number : 4712C

Imaginatik PLC

19 January 2015

19 January 2015

Imaginatik Plc

("Imaginatik" or "the Company")

Director Loan

Imaginatik plc (AIM: IMTK.L), the world's first full service innovation provider offering a range of consultancy and technology products, announces that Matt Cooper, Non-Executive Chairman, has agreed to lend to the Company the sum of $250,000 (the "Loan") for use in connection with the Company's short term working capital requirements pending receipt of funds due from certain clients and to cover minor delays in closing out several new contracts.

The Loan is unsecured, carries interest at a rate of 10 per cent. per annum and is available to be drawn down in one tranche. The Loan is repayable in full together with all accrued interest in six months' time.

As Matt Cooper is a director of the Company, the Loan constitutes a related party transaction pursuant to AIM Rule 13. The independent directors (being Ralph Welborn, Shawn Taylor and Simon Charles) consider, having consulted with the company's nominated adviser, finnCap Limited, that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.

Matt Cooper, Non-Executive Chairman, said:

"The company is making good progress with its biggest ever sales pipeline of new business opportunities, and I am delighted to be able to provide short term funding in anticipation of revenues from contracts that have been slightly delayed beyond their expected completion in December 2014 and to cover short term delays on receiving cash on contracted business. The Board looks forward to giving an update on trading in due course"

For further information please contact:

 
 Imaginatik plc                       Tel: 01329 
                                       243 243 
 Matt Cooper Non-Executive Chairman 
  Ralph Welborn, CEO 
  Shawn Taylor, CFO 
 
 finnCap Ltd                          Tel: [phone] 
                                       0500 
 Charlotte Stranner / Victoria 
  Bates 
 
 Newgate Threadneedle                 Tel: [phone] 
                                       9850 
 Adam Lloyd / Ed Treadwell / 
  Jasper Randall 
 
 

About Imaginatik

Imaginatik provides a range of Innovation solutions comprised of consultancy, enterprise software and program management to deliver innovation results to companies such as The World Bank, The Chubb Group of Insurance Companies, State Farm, Exxon Mobil, Pfizer, Goodyear, the Yorkshire Building Society, Pitney Bowes and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. Imaginatik's mission is to help these companies build sustainable innovation competencies.

Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information visit www.imaginatik.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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