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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cartucho | LSE:CTGP | London | Ordinary Share | GB00B0R2GC21 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9223V Cartucho Group Ltd 02 May 2007 Cartucho Group Limited ("Cartucho" or "the Company" or "the Group") Re-financing arrangements Further to the announcement made on 1 March 2007 and the announcement of the Company's results for the year ended 31 December 2006 made earlier today, Cartucho, a developer and manufacturer of ink refill kiosks, is pleased to announce that its subsidiary company, Cartucho Holdings Limited ("CHL") has signed an agreement for a secured revolving credit facility of up to US$4.5 million ("Loan Facility"). The purpose of the Loan Facility is (inter alia) to permit the Company to refinance the costs of manufacturing, installing and servicing kiosks and corporate overhead costs associated with such activities, which the Directors consider is critical for the future of the Company. The maturity date of all draw-downs made under the Loan Agreement is 1 September 2008 and all advances bear interest at a rate of 10 per cent. per annum. The availability of draw-downs under the Loan Facility are subject to the satisfaction of certain conditions. These relate (inter alia) to the release of existing security, the provision of certain new security to the lender (including by way of assignment of Intellectual Property rights, contracts and security over the kiosks and other property) and the injection of a further loan from certain of the initial shareholders of the Company (as described further below). In addition to certain strict financial and other covenants which require and restrict certain actions by CHL, under the Loan Facility, CHL is required to make representations and warranties to the lender all of which must be true and correct at the time any advances are made under such agreement. Non compliance with covenants and certain other conditions results in an event of default which could result, inter alia, in the potential crystallisation of security provided by CHL. The Company is also pleased to announce that CHL has entered into a loan agreement on an arms' length basis and on commercial terms with three of the Company's initial shareholders comprising Roger Pellew (the CEO) ("RP"), David Scanlan ("DS") and Anthony Irwin ("AI") ("Additional Loan"). The Additional Loan (which is being made available in the proportions of 50% from AI and 25% each from RP and DS) is for an aggregate sum of US$475,000, at an interest rate of 3 per cent. per annum over the Bank of Scotland's base rate from time to time. Under Rule 13 of the AIM Rules for Companies, the entry into of the Additional Loan is regarded as a related party transaction, since RP and AI are considered to be related parties of the Company, being a director and a substantial shareholder respectively. As stated above, the ability of the Company to draw down under the Loan Facility is subject to the satisfaction of certain conditions. Whilst the Directors are confident that the necessary arrangements will be concluded shortly, in the event that any such conditions cannot be satisfied and the Company is unable to access funding under the Loan Facility, this could materially and adversely affect the Company's ability to continue trading. Further, the Company has today, entered into a deed of release with Collins Stewart Europe Limited, Hamilton Marketing Inc. ("Hamilton") and Christopher Burton, pursuant to which the 17,265,306 shares beneficially held by Hamilton, which are currently subject to an escrow arrangement as detailed in a placing agreement dated 9 December 2005, are to be released from escrow Further, it has been agreed by Hamilton that such shares are to be sold to AI (further to AI's agreement to contribute to the Additional Loan). Following such sale the Directors understand that AI will have an interest in 26,102,141 shares representing 29.0% of the issued share capital of the Company and Hamilton will cease to have any disclosable interest. The early release of Hamilton, a substantial shareholder, from the escrow arrangements, may also be considered a related party transaction by the Company. The Directors of the Company (excluding RP), consider, having consulted its nominated adviser, that the terms of the Additional Loan and the release of the shares from escrow are fair and reasonable insofar as the Company's shareholders are concerned. For further information: Cartucho Group Limited Roger Pellew, Chief Executive Tel: +1 585 771 0665 rogerpellew@cartucho.com www.cartucho.com Collins Stewart Europe Limited Adrian Hadden Tel: +44 (0) 207 523 8353 AHadden@collins-stewart.com Media enquiries: Abchurch Chris Lane Tel: +44 (0) 20 7398 7700 chris.lane@abchurch-group.com www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange END MSCSSLFAFSWSELI
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