TIDMPGY
RNS Number : 6403I
Progility PLC
27 March 2015
27 March 2015
Progility plc
("Progility" or "the Company" or "the Group")
Issue of Loan Notes
Progility plc (AIM: PGY), the systems integrator and project
management services firm, announces the issue, by Progility Finco
Limited, of a further tranche of GBP500,000 of the redeemable loan
stock announced on 1 July 2014 ("Loan Notes") to DNY Investments
Limited, an asset of the DNY Trust, a family trust of which Wayne
Bos, Executive Chairman of Progility, is a discretionary
beneficiary. The proceeds of the issue will be used by the Group to
meet general working capital requirements.
The Independent Directors of Progility, having consulted with
SPARK Advisory Partners Limited, as Nominated Adviser to the
Company, consider the terms of the Loan Notes to be fair and
reasonable insofar as the shareholders are concerned. In providing
advice to the Independent Directors, SPARK Advisory Partners
Limited has taken into account the Independent Directors'
commercial assessments of this related party transaction.
Application will be made for the new Loan Notes to be admitted
to the Official List of the Channel Islands Securities Exchange
Authority Limited.
For further information, please
contact:
Progility plc
020 7371
Wayne Bos, Executive Chairman 4444
Donald Stewart, General Counsel
www.progility.com
SPARK Advisory Partners Limited
(Nominated Advisor)
020 3368
Mark Brady 3551
020 3368
Sean Wyndham-Quin 3555
W H Ireland Limited (Broker)
020 7220
Adrian Hadden/Mark Leonard 1666
Group Description
Progility plc, the systems integrator and project management
services firm has four divisions: Technology Solutions, Training,
Consulting and Recruitment.
Technology Solutions
The technology solutions division comprises Progility
Technologies in Australia and India and Starkstrom in the UK.
Progility Technologies operates a communication systems
integration business that designs, implements and maintains
solutions for medium and large enterprises with a focus on the
rail, port, oil and gas, power, water and healthcare industries in
Australia, on the healthcare, hospitality, financial services,
public sector, manufacturing, education and IT sectors in India and
on the mining industry globally.
The Australian business, which was merged with the Group in
October 2013, is headquartered in Melbourne, Australia, and has
offices in Sydney, Brisbane, Perth, Latrobe Valley, and
Castlemaine. The Indian business joined the Group in December 2014,
is headquartered in Mumbai and operates through a network of 21
offices throughout India.
It has three operating divisions: Enterprise Communications,
which focuses on communications systems integration, designs voice
and IP communications solutions for specific customers' operating
environments and is a major provider of enterprise based Unify
unified communication systems in Australia and India; CA Bearcom,
Australia's largest distributor of two-way radio communications
products and services, primarily supplied by Motorola; and Minerals
& Energy Technologies, which designs, implements and manages an
array of integrated communications solutions for specific mining,
oil and gas, rail and port applications.
Starkstrom is a UK based project management services' company
specialising in manufacturing and supplying medical infrastructure
equipment for operating theatres and intensive care units. Acquired
in July 2014, Starkstrom is headquartered in North West London and
with a manufacturing and assembly facility in Leicester.
Training
The training division comprises ILX Group, which provides a
blend of on-line learning, games and simulations, traditional
classroom training, practical workshops and coaching. ILX delivers
training in the UK Cabinet Office's best management practice
products, primarily in PRINCE2, MSP and ITIL.
Consulting
The consulting division comprises Obrar in the UK and Progility
Consulting in Australia. Obrar is a consulting and project
management services company, focused on multimedia contact centres,
corporate technology infrastructure and associated operational
change, with extensive experience in delivering contact centre
outsourcing on a global basis. Progility Consulting is an
organisational improvement and project management services company,
specialising in information technology, service and supply chain
improvement and overall project and programme management.
Recruitment
The recruitment division comprises TFPL and Sue Hill
Recruitment. TFPL is a recruitment, training and consulting
business specialising in the knowledge, information and data
management industries, which was acquired in July 2013. TFPL
provides executive search, managed services and the placement of
permanent, interim and contract personnel into the public and
private sectors. Sue Hill Recruitment, which was founded in 1997,
is a specialist employment agency to the UK information, market
research, insight and analysis sectors and was acquired in November
2013.
Progility Finco is a wholly owned subsidiary of Progility which
was incorporated as a special purpose vehicle in order to issue
loan notes which would be admitted to the Official List of the
Channel Islands Securities Exchange Authority to help meet the
financing requirements of the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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