OneView Group PLC Short Term Loan Facility & Loan Extensions (2586B)

TIDMONEV

RNS Number : 2586B

OneView Group PLC

19 September 2018

19 September 2018

OneView Group plc

("OneView" or the "Company")

Short Term Loan Facility & Extension of Existing Loans

OneView (AIM: ONEV), one of the retail industry's leading digital transformation software providers for in-store customer service, announces that Hawk Investment Holdings Limited ("Hawk") and Lane Capital Group Limited ("LCG"), which is wholly owned by Gary Lane, a Non-Executive Director and his immediate family together provided the Company with a loan facility (the "Loan") of $260,000 on 18 September 2018. The Loan is split equally between both lenders and is for a term of 90 days. The Loan is unsecured and interest is charged at 1% per month. The Loan will be used to cover short term working capital needs and can be repaid at any time.

Following the drawdown of the Loan, the Company's outstanding debt is in aggregate $3,025,000, excluding interest payable, comprising the short term loan facilities provided as announced today and on 22 January 2018, 27 February 2018, 16 March 2018, 29 March 2018, 26 April 2018, 17 May 2018, 5 June 2018, 18 June 2018, 29 June 2018 and 17 July 2018.

In addition, of the existing borrowings, $300,000 provided by Hawk, which was initially drawn down on 26 February 2018 and was due for repayment (following an additional extension) on 25 August 2018, and the $330,000 provided by Hawk, which was initially drawn down on 14 March 2018 and was due for repayment (following an additional extension) on 10 September 2018, have both had the terms extended to 30 September 2018.

Given the substantial shareholding of Hawk and LCG and the board position held by Gary Lane, the Loan and the extension of the existing loans are deemed related party transactions under the AIM Rules for Companies. The Independent Directors (being all those other than Gary Lane), having consulted with finnCap, consider that the terms of the Loan and the extension of the existing loans are fair and reasonable insofar as the Company's shareholders are concerned.

Further Details:

 
 OneView Group plc                  Tel: [phone] 
 Stuart Mitchell, Deputy Chairman 
 Linda Palanza, CEO 
 Mark Wilson, Finance Director 
 
 finnCap Limited                    Tel: [phone] 
                                     0500 
 Geoff Nash 
 Kate Bannatyne 
 
 Turner Pope Investments            Tel: [phone] 
                                     4120 
 Ben Turner 
  James Pope 
 
 Newgate Communications             Tel: [phone] 
                                     9848 
 Bob Huxford 
 James Browne 
 

About OneView Commerce

OneView Commerce is a pioneer in digital store transformation, helping global retailers implement successful unified commerce strategies that centre on the critical engagement in store. The company's cloud-based Digital Store Platform combines digital-ready point of sale, line busting, and end-to-end unified commerce capabilities, with the ability to capture and deliver the rich content from these store interactions across the retail enterprise. OneView enables the exchange of this powerful store information to immediately impact sales, business operations and the customer experience. Travis Perkins plc, Wickes, and Discount Tire Corporation are among the global retailers revolutionizing their stores with OneView Commerce. For more information, visit www.oneviewcommerce.com.

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September 19, 2018 05:28 ET (09:28 GMT)