Inspired Capital PLC Additional Debt Facilities (6106U)
July 30 2015 - 8:35AM
UK Regulatory
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
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