Inspired Capital PLC Additional Debt Facilities (1715Z)
16 September 2015 - 8:01AM
UK Regulatory
TIDMINSC
RNS Number : 1715Z
Inspired Capital PLC
16 September 2015
16 September 2015
Inspired Capital plc
("Inspired" or the "Company")
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 GBP10.0 million debt finance facility (the
"Facility") from Tavistock Ventures Inc. ("Tavistock Ventures").
The proceeds of the Facility will be used to finance the Company's
general working capital and to allow the Company to grow its loan
book.
The 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 Facility. The Facility will
be repayable on 30 June 2016 or such other date as the parties may
agree. As a result of Tavistock Ventures being a related party
under the AIM Rules for Companies, the directors excluding Ron
Robson and David Craven, having consulted with the Company's
nominated adviser Cenkos, consider the terms of the Facility to be
fair and reasonable insofar as the Company's shareholders are
concerned.
Inspired
Ron Robson via Newgate
Neil McMyn
Cenkos Securities (Nomad and Broker)
Max Hartley/Harry Pardoe (Corporate Finance) +44 (0) 20 7397 8900
Newgate Communications
Tim Thompson
Andre Hamlyn
Helena Bogle +44 (0) 20 7653 9850
This information is provided by RNS
The company news service from the London Stock Exchange
END
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