Starcom PLC New Loan Facility (2596I)

TIDMSTAR

RNS Number : 2596I

Starcom PLC

10 December 2020

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

10 December 2020

Starcom Plc

("Starcom" or the "Company")

New Loan Facility

Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces that it has been granted a loan of NIS 1,000,000 (c.GBP230,000), under an Israeli government backed scheme, which has been established to support businesse s during the COVID-19 pandemic (the "Loan"). The Loan follows a number of grants received by Starcom from the Israeli government during the last few months, totaling NIS 760,000 (c. GBP 175,000 ).

The Loan is repayable over a five year period after the first year and attracts annual interest at a rate of 1.5 per cent over the Israeli Prime Bank Rate. The Loan is secured and Starcom will maintain a deposit of 5 per cent of the total principal amount on account with the lender.

Avi Hartmann, CEO of Starcom, commented : "I am delighted that the Company has been approved for this loan which demonstrates confidence in the prospects for Starcom despite the COVID-19 impact. We continue to discuss and negotiate new strategic relationships which we hope will show progress during 2021."

Enquiries:

 
 Starcom Plc 
  Michael Rosenberg, Chairman                        07785 727595 
  Avi Hartmann, CEO                                  [phone] 
 Allenby Capital Limited (Nominated Adviser 
  and Joint Broker) 
  Jeremy Porter/Asha Chotai - Corporate Finance 
  Guy McDougall - Sales                            020 3328 5656 
 Peterhouse Capital Limited (Joint Broker) 
  Lucy Williams/Charles Goodfellow/Eran Zucker     020 7469 0930 
 Leander PR (Financial PR) 
  Christian Taylor-Wilkinson                      07795 168 157 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCGPGRPPUPUGWU

(END) Dow Jones Newswires

December 10, 2020 08:30 ET (13:30 GMT)