BOS GLOBAL Holdings Limited Corporate Update (3867B)

TIDMBOS

RNS Number : 3867B

BOS GLOBAL Holdings Limited

09 January 2018

BOS GLOBAL Holdings Limited

ACN 009 087 852

AIM Release

9 January 2018

Corporate Update

BOS GLOBAL Holdings Limited ("BOS GLOBAL" or "the Company") (AIM: BOS), the software developer focused on improving productivity and creating operational efficiencies in the workplace by collecting and reporting workforce analytics, provides the following corporate update.

The Company now has a quorum of three new Directors in place effective 4(th) January 2018, although it continues to seek an additional Australian-based director. The new Board has completed an initial assessment of the business and operations and determined:

   1.   BOS Intellectual Property ('IP') 

There is market potential to generate income from sales of the existing BOS Time product and, with working capital, make a positive contribution to the Company.

That the Company continue its strategy of business productivity software whilst assessing its 40% Equity Investment in Call Design Pty Ltd.

   2.   Working capital 

That equity funding of GBP1.2m be raised through a combination of an Open Offer to existing Shareholders at an initial offer price of 1.25 pence per new issue Share and a placing to sophisticated investors [at the same price per new issue Share].

Subject to finalisation and completion, the Board anticipate the new funds raised will be used for

   --     Settlement of past debts and accrued liabilities; 
   --     Product marketing and support of BOS Time; 
   --     Working capital. 

The new Board have agreed to forego any Directors Fees until April 2017, and at such time, then be paid modest Director Fees to be disclosed to Shareholders.

Mr. William Giles (Non-Executive Director) has given personal support to subscribe up to GBP300,000 at the offer price.

Innovation Corporation Limited ('Innovation') being the holder of the Convertible Loan Note Agreement ("Note Agreement") has consented to the Open Offer. Furthermore, Innovation and the Company have mutually agreed to terminate the Note Agreement and waive any claims against each other upon completion of the Open Offer.

   3.   Audit 

The Board has formed a new Audit Committee. Mr Yeoman has been appointed Chairman and discussions continue with the Company Auditors with the intent to satisfy the two remaining items for publication i.e. 12-months Working Capital and Going Concern opinion. The Company will provide further updates shortly on the publication and dispatch of its Annual Report (including the annual accounts for the year ended 30 June 2017) and reconvening the AGM for the report to be tabled.

   4.   Nomad 

As previously reported, RFC Ambrian ('RFC') have tendered notice to resign from being the Company's Nominated Adviser ('Nomad'). The new Board have since commenced discussions with both RFC and prospective new Nomads to negotiate a transition and continuity of Nomad services to maintain the Company's AIM Listing. The Company advises that RFC has agreed to extend its appointment as Nomad for four (4) weeks until 7 February 2018 whilst the Company continues its efforts to secure the appointment of a new Nomad.

BOS GLOBAL Chairman, Marcus Yeoman states "having formed a new Board and assessed the wealth of IP inherent in the Company, it's my opinion and that shared with my fellow new Directors, that the Company can move ahead and rebuild its shareholder value" and "recognising the immediate imperatives are securing the working capital to complete and publish the Audited Financial Accounts and transition of Nomad services to ensure our ongoing AIM listing and recommence trading".

Further updates will be announced in due course.

**ENDS**

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

 
 Marcus Yeoman        BOS GLOBAL           Tel: [phone] 
  Chairman             Holdings Limited     4071 (Aust) 
                                            [phone] 
                                            442 (UK) 
                                            E: [e-mail] 
===================  ===================  ============================== 
 Andrew Thomson       RFC Ambrian          Tel: [phone] 
  NOMAD                Limited              2500 
===================  ===================  ============================== 
 Charles Goodfellow   Peterhouse           Tel: [phone] 
  /                    Corporate Finance    9791 
  Lucy Williams        Limited 
  Broker 
===================  ===================  ============================== 
 Charlotte            St Brides Partners   Tel: [phone] 
  Page /               Ltd                  1177 
  Hugo de 
  Salis 
  Financial 
  PR 
===================  ===================  ============================== 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 09, 2018 09:29 ET (14:29 GMT)