CTFA Cientifica

TIDMAVIA TIDMASW

RNS Number : 3976L

Avia Health Informatics PLC

04 September 2012

Avia Health Informatics PLC

("Avia" or the "Company")

Convertible loan agreement

Further to the recent announcements made by Avia concerning its funding, the Company is pleased to announce that it has entered into a convertible loan agreement with Advanced Computer Software Group PLC (AIM:ASW) ("ACS"), a leading provider of software and IT services to the UK health, care and business sectors.

ACS has agreed to loan Avia GBP350,000 in the form of a convertible loan note with a term of three years at zero interest and secured by a fixed and floating charge over the Company's assets. The loan agreement also gives ACS the right to nominate a non-executive director to the Avia board.

The loan will convert, at the discretion of ACS, into 29.9 per cent. of the Company's issued ordinary share capital immediately following the issue of the new Avia ordinary shares of 0.5p each ("the Loan Conversion Shares") to be issued to ACS pursuant to the loan conversion.

Roger Lane-Smith, Non-Executive Chairman of Avia said: "We are delighted to enter into the loan agreement with ACS, a fast growing, well respected and substantial business in the sector. The injection of capital into Avia will allow the Company to trade through the short term working capital constraints we have been experiencing and, following conversion of the loan, we will have as our largest shareholder ACS, a business with significant management expertise and financial stability - news which should be welcomed positively by shareholders and existing and potential customers alike."

As a result of entering into the convertible loan agreement with ACS the Company has ceased discussions with TCA Global Credit Master Fund, LP for a proposed credit facility, the signing of heads of terms of which the Company announced on 15 August 2012.

04 September 2012

Enquiries:

 
 Avia Health Informatics PLC                 +44 (0) 1494 618 503 
  Roger Lane-Smith, Non-Executive Chairman    www.ahi-plc.com 
  Jeremy Dale, Interim Chief Executive 
 Allenby Capital (Nominated Adviser and      +44 (0) 20 3328 5656 
  Broker)                                     www.allenbycapital.co.uk 
  Nick Naylor 
  Mark Connelly 
 Cadogan PR (Financial PR)                   +44 (0) 7771 713608 
  Alex Walters                                www.cadoganpr.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBLGDCBGGBGDX

Cientifica (LSE:CTFA)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Cientifica (LSE:CTFA)
Historical Stock Chart
Von Jul 2023 bis Jul 2024