ServicePower Technologies PLC Extension of Loan Facility (0180S)
16 Dezember 2016 - 8:00AM
UK Regulatory
TIDMSVR
RNS Number : 0180S
ServicePower Technologies PLC
16 December 2016
16 December 2016
ServicePower Technologies Plc
("ServicePower" or "the Company")
Extension of Loan Facility
ServicePower Technologies Plc (AIM: SVR), a market leader in
mobile workforce management software, announces that it has entered
into a side-agreement with Herald Investment Trust plc ("Herald")
to amend the terms of the existing loan between Herald and the
Company ("Loan Amendment").
On 8 February 2016, ServicePower entered into an agreement with
Herald, pursuant to which Herald agreed to provide ServicePower
with an unsecured loan facility of GBP1,000,000 for working capital
purposes. Interest is payable upon the loan at the rate of 8 per
cent. per annum (the "Facility Agreement"). The principal of the
loan and all accrued interest is due to be repaid on 16 December
2016 (the "Loan").
As a result of the recommended cash offer for the Company by
Diversis Capital UK Limited ("Diversis") (a subsidiary of Diversis
Capital, LLC) (the "Offeror") as announced on 8 December 2016 (the
"Offer"), the Company entered into an agreement on 15 December 2016
with Herald whereby the repayment date for the principal of the
Loan and all accrued interest has been extended to be on the
earlier of:
(a) the date falling fourteen days after the date on which the
Offer becomes or is declared wholly unconditional in accordance
with its terms in accordance with the provisions of the United
Kingdom's City Code on Takeovers and Mergers ("City Code");
(b) the business day immediately prior to the date on which
admission of the Company's shares to trading on AIM is cancelled in
accordance with Rule 41 of the AIM Rules for Companies ("AIM
Rules"), following the Offer becoming or being declared wholly
unconditional in accordance with its terms;
(c) the date falling fourteen days after the date on which any
other or competing offer ("Alternative Offer") made by any party
other than the Offeror and/or its concert parties (as such term is
defined in the City Code) to acquire the entire issued and to be
issued share capital of the Company in accordance with the City
Code becomes or is declared wholly unconditional in accordance with
its terms;
(d) the date on which it becomes reasonably apparent to the
Company that the Offer or any Alternative Offer will not become
wholly unconditional in accordance with its terms, in which
circumstances, the Company shall repay to Herald one half of the
total principal amount outstanding under the Facility Agreement,
together with all accrued interest thereon within five business
days of such date and with the remaining balance of one half of the
total principal amount outstanding and all accrued interest thereon
to be paid by the Company to Herald on 31 May 2017; and
(e) 31 May 2017.
All other terms of the Loan remain the same.
Related party transaction
Herald is a related party of the Company as it holds more than
10 per cent. of the issued share capital of the Company and is
therefore a substantial shareholder for the purposes of the AIM
Rules. As a result, the Loan Amendment constitutes a related party
transaction for the purposes of the AIM Rules. The Directors of
ServicePower, having consulted with finnCap, the Company's
nominated adviser, consider that the terms of the Loan Amendment
are fair and reasonable in so far as the Company's shareholders are
concerned.
City Code
Diversis has confirmed that it does not deem the Loan Amendment
to be a 'frustrating action' and will therefore not require
shareholder approval pursuant to Rule 21.1 of the City Code.
ServicePower Technologies finnCap Newgate Communications
Plc
Tel: 0161 476 7762 Tel: 0207 220 Tel: 020 7653
0500 9850
Marne Martin, CEO Jonny Franklin-Adams Adam Lloyd
Simon Evans, CFO Emily Watts Helena Bogle
Kate Bannatyne Sophie Morello
Sophie O'Donoghue
About ServicePower
ServicePower, the acknowledged leader in Optimization
Technology, provides an innovative global, mobile workforce
management software platform used by organizations with mobile
workers to maximize productivity and efficiency, intelligently
schedule appointments, SLA and complex jobs, as well as parts. Our
platform focuses on solving fundamental field service problems with
patented routing optimization, M2M connected services, contractor
and warranty management, cutting edge enterprise mobile and
business management technology, robust business intelligence and
asset tracking.
ServicePower is listed on the AIM market of the London Stock
Exchange with the ticker SVR.L. For more information please visit
http://www.servicepower.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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