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Share Name Share Symbol Market Type Share ISIN Share Description
Mobile Tornado Group Plc LSE:MBT London Ordinary Share GB00B01RQV23 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.17 -5.57% 2.88 2.76 3.00 3.05 2.88 3.05 337,475 16:00:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 3.5 -1.0 -0.2 - 11

Mobile Tornado Group PLC Extension to facility & notice of interim results

24/09/2021 7:00am

UK Regulatory (RNS & others)


Mobile Tornado (LSE:MBT)
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RNS Number : 8271M

Mobile Tornado Group PLC

24 September 2021

24 September 2021

Mobile Tornado Group plc

(" Mobile Tornado ", the " Company " or the " Group ")

Extension to revolving loan facility and notice of interims

Extension to revolving loan facility

Mobile Tornado (AIM: MBT) the leading provider of instant communication mobile solutions to the enterprise market, announces that the Company has today extended the Revolving Loan Facility agreement (the "Facility Agreement") with InTechnology Plc ("InTechnology"), details of which were announced by the Company on 27 September 2018.

The Facility Agreement was due to expire on 26 September 2021 and has been extended for a further 12 months until 26 September 2022. All other terms of the Facility Agreement remain unchanged, as follows:

   --      It is a revolving loan facility of up to a maximum principal amount of GBP300,000. 

-- Any amounts drawn down by the Company pursuant to the Facility Agreement will bear interest at a rate of 10% per annum.

-- The Facility Agreement allows for monies to be drawn down, repaid and redrawn again in any manner and any number of times by the Company until the agreement expires.

-- At the expiration date of the Facility Agreement, all monies shall be repayable by the Company to InTechnology together with any accrued interest thereon.

As at the date of this announcement, the amount drawn under the Facility Agreement is zero.

The additional capital will continue to support the financing of the Company's sales pipeline under the Capex Model where the Company is required to fund the hardware prior to placement with the end customer.

As InTechnology is a substantial shareholder in the Company (as defined in the AIM Rules for Companies ("AIM Rules")), the extension to the expiry date of the Facility Agreement constitutes a related party transaction under Rule 13 of the AIM Rules. The independent directors of the Company (save for Peter Wilkinson, who is a controlling shareholder of InTechnology), having consulted with the Company's nominated adviser, Allenby Capital Limited, consider the extension to the Facility Agreement to be fair and reasonable insofar as the Company's shareholders are concerned.

Notice of Interims

The Company will be announcing its unaudited interim results for the six months ended 30 June 2021 on Wednesday, 29 September 2021.

Enquiries:

 
 Mobile Tornado Group plc                        +44 (0)7734 475 888 
 Jeremy Fenn, Chairman                           www.mobiletornado.com 
 Allenby Capital Limited (Nominated Adviser 
  & Broker)                                      +44 (0)20 3328 5656 
 James Reeve/Piers Shimwell (Corporate 
  Finance) 
  David Johnson (Sales and Corporate Broking) 
 Walbrook PR Ltd                                 +44 (0)20 7933 8780 
 Nick Rome/Paul Vann                             mobiletornado@walbrookpr.com 
 

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END

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September 24, 2021 02:00 ET (06:00 GMT)

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