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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Inspired Cap | LSE:INSC | London | Ordinary Share | GB00B081NX89 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMINSC
RNS Number : 6106U
Inspired Capital PLC
30 July 2015
30 July 2015
Inspired Capital plc
("Inspired" or the "Group")
Additional Debt Facilities
Inspired Capital plc, a challenger provider of customer-focused financial solutions to SMEs is pleased to announce that is has agreed the terms of a GBP10.5 million debt finance facility (the "Bentley Facility") from Bentley Park (UK) Limited. The proceeds of the Bentley Facility will be used to repay the fully drawn debt facility granted by Henderson Global Investors ("Henderson") and to allow the Company to grow the loan book.
In October 2014, the Group agreed a debt finance facility of GBP3.5 million (which was increased to GBP7 million in April 2015) with The Alphagen Volantis Fund Limited and The Alphagen Volantis Catalyst Fund Limited, two funds managed by Henderson Alternative Investment Advisor Limited (the "Henderson Facility"). Henderson at the time was the Group's largest shareholder, with 26.6 per cent. of Inspired's issued share capital, excluding shares held in treasury. As a result of the Bentley Facility, the Group will repay the Henderson Facility immediately which amounts to approximately GBP7.5 million including accrued interest and repayment costs. The balance of the Bentley Facility, approximately GBP3 million, is also being drawdown to finance the Company's general corporate requirements.
The Bentley Facility is unsecured and will charge an interest rate of 5 per cent. per annum accruing on a daily basis and calculated on the actual number of days elapsed. The interest terms are flexible and interest will be payable quarterly commencing on 30 September 2015 but only if Inspired has sufficient cashflow, otherwise the unpaid interest is compounded and added to the Bentley Facility. The Bentley Facility will be repayable on 30 June 2016 or such other date as the parties may agree. As a result of Bentley being a related party under the AIM Rules for Companies, the directors excluding Ron Robson and David Craven, having consulted with the Group's nominated adviser Cenkos, consider the terms of the Bentley Facility to be fair and reasonable insofar as the Group's shareholders are concerned.
Inspired Ron Robson via Newgate Neil McMyn Altium (Financial Adviser) Paul Lines/Phil Adams/Adam Sivner +44 (0) 845 505 4343 Cenkos Securities (Nomad and Broker) Max Hartley/Harry Pardoe (Corporate Finance) +44 (0) 20 7397 8900 Newgate Communications Tim Thompson Jasper Randall Andre Hamlyn Helena Bogle +44 (0) 20 7653 9850
This information is provided by RNS
The company news service from the London Stock Exchange
END
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