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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Access Intelligence Plc | LSE:ACC | London | Ordinary Share | GB00BGQVB052 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 61.00 | 60.00 | 62.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Related Svcs, Nec | 65.71M | -4.19M | -0.0328 | -21.49 | 90.03M |
TIDMACC
RNS Number : 0568Z
Access Intelligence PLC
08 December 2014
FOR RELEASE
7.00AM
08 DECEMBER 2014
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
ISSUE OF NEW convertible loan notes
Trading update
Issue of new Convertible Loan Notes
Access Intelligence is pleased to announce that it has raised GBP1.1 million (before expenses) through the issue of GBP1.1 million nominal five year unsecured convertible, redeemable, loan notes ("CLNs"). The CLN's will pay a coupon of 8% and are convertible into ordinary shares at 3 pence per share. The participants were Elderstreet VCT, Hawk Investment Holdings Limited, Octopus Investments and another financial institution. The proceeds will increase the working capital of the Company so that in the event that the GBP1.25m of existing loan notes are redeemed in December 2015 the Company will have the necessary cash headroom to meet that redemption payment.
Elderstreet VCT is a substantial shareholder in Access Intelligence and therefore the issue of GBP200,000 nominal of the CLN's to Elderstreet VCT is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of Access Intelligence, having consulted with the Group's nominated adviser, Sanlam Securities UK Limited, consider the terms of the CLNs to be fair and reasonable insofar as shareholders are concerned.
Trading Update
Despite completing a number of new sales in the final quarter of the financial year, the revenue recognition basis of the software as a service business model, has meant that sales and profit will be below market expectations for the year ended 30 November 2014, but at similar levels to those achieved in the corresponding period last year. The year end cash position of approximately GBP1,000,000 is however in line with market expectations and following the completion of the issue of the new CLNs will be significantly enhanced.
In addition, the Group expects to announce its preliminary results in April 2014.
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Kole Dhoot (CFO)
Sanlam Securities UK Limited (Nominated Adviser & Broker) 020 7628 2200
Simon Clements
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUBOORSRAURUA
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