TIDMBOS

RNS Number : 5979X

BOS GLOBAL Holdings Limited

27 November 2017

BOS GLOBAL Holdings Limited

ACN 009 087 852

AIM Release

27 November 2017

Corporate Update

Further to the announcement dated 20 November 2017, BOS GLOBAL Holdings Limited ("BOS GLOBAL" or the "Company") provides the following update.

BOS Global remains in active dialogue with Innovation Corporation Limited ("Innovation"), the Company's primary funding provider, however the Company has not yet received any formal confirmation or response from Innovation regarding:

   --     its funding solution for BOS GLOBAL;

-- its recommendation for how Innovation's proposed new directors plan to complete the Company's audited financial accounts for the year ended 30 June 2017 by 31 December 2017; and

-- a course of action to secure the appointment of a new Nominated Adviser ('Nomad'), as the Company's current Nomad, RFC Ambrian Limited, has given the Company notice of their planned resignation (effective 10 January 2018).

Separately, the Board continues to work closely with its accountants and auditor to finalise the Company's accounts by the end of 2017 and is assessing its options with respect to obtaining a new Nomad.

In respect of the potential Board transition noted in the Company's announcement dated 20 November 2017, the other names outside those nominated in the section 249D notice are being considered and reviewed for appropriateness both individually and as a collective for the needs of the Company. While this work is ongoing, a suitable board composition is yet to emerge.

Furthermore, as shareholders will be aware, in line with the Convertible Loan Note ('CLN') a payment of GBP125,000 was due from Innovation on or about 23 November 2017. Despite requests from the Company, no payment has of yet been received. Accordingly, the Board is now actively pursuing alternative sources of finance and the Company is pleased to confirm that it has received an independent approach from a credible funding party keen to support future growth initiatives. The Company's broker, Peterhouse Corporate Finance Limited ('Peterhouse'), has also received positive investment interest.

The Board of BOS GLOBAL is not currently in a position to complete a security interest document in favour of Innovation over BOS GLOBAL's assets as the terms and scope of such a security interest are yet to be agreed. The Board remains committed to finding a resolution that satisfies all parties and best positions BOS GLOBAL for growth and will continue to keep shareholders updated on developments.

This announcement contains inside information for the purpose of Article 7 of the Market Abuse

Regulation (EU) No. 596/2014.

**ENDS**

For further information please visit www.bosglobal.com or contact:

 
 Adam Webb            BOS GLOBAL Holdings    Tel: +44 (0) 7825 
  Non-Executive        Limited                443319 
  Director 
  David Ireland                               Tel: +61 (0)8 9322 
  Chairman                                    4071 
===================  =====================  ===================== 
 Andrew Thomson       RFC Ambrian            Tel: +61 (0) 8 9480 
  NOMAD                Limited                2500 
===================  =====================  ===================== 
 Charles Goodfellow   Peterhouse Corporate   Tel: +44 (0) 20 7220 
  /                    Finance Limited        9791 
  Lucy Williams 
  Broker 
===================  =====================  ===================== 
 Charlotte Page       St Brides Partners     Tel: +44 (0) 20 7236 
  / Hugo de Salis      Ltd                    1177 
  Financial PR 
===================  =====================  =====================

Notes

BOS GLOBAL is a London listed (AIM:BOS), cloud based software developer with a suite of products that enable organisations to transform their operations through improving workforce engagement. The Company's BOS Time product is a component of its Global Enterprise Productivity Platform ("PaaS"), BOS 360 Work Patterns, which incorporates patented technology that uses workforce analytics to render real time views of worker activities as Work Patterns. BOS has a team experienced in designing, building, marketing, selling and supporting enterprise technology solutions and has been seeking to build a partnership network to assist the business with market penetration.

The Company also has a 40% interest in Call Design Pty Ltd, a profitable, Australian based, global provider of workforce optimisation tools, focused particularly on call centre services. Call Design has a significant multi-sector client base, which includes all four of Australia's major banks, leading international telecommunications companies, blue chip insurers and governmental bodies, with a current operational reach spanning 26 countries. This synergistic investment seeks to provide multiple cross-selling opportunities in line with BOS GLOBAL's strategy to deliver a comprehensive business optimisation offering.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

November 27, 2017 06:10 ET (11:10 GMT)

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