Fitbug secures £1m loan

Fitbug Holdings (LSE:FITB.L), an AIM listed provider of online personal health and well-being services, has signed a £1 million loan agreement with NW1 Investments Limited.

The Loan is repayable by 31 July 2014 and will accrue interest at a rate of 5% per annum, payable on a quarterly basis. If during the term of the Loan, Fitbug undertakes an equity issue, the Loan Holder can elect to convert some or the entire Loan into new ordinary shares in Fitbug. NW1 Investments Limited is a company in which the family of David Turner and Allan Fisher, both directors of Fitbug, have a material interest.

The independent directors of the Company, being Fergus Kee, Paul Landau, Andrew Brummer and Geoffrey Simmonds, consider, having consulted with Cantor Fitzgerald Europe, that the terms of the Loan are fair and reasonable in so far as the shareholders are concerned.

Fergus Kee, Executive Chairman, said “The Loan from this supportive party will help support the Company’s continued marketing and product development and in particular enable us to build our stock inventory ahead of the New Year and spring, which traditionally represents a peak sales periods. Additionally, we will be exhibiting once again at the Consumer Electronic Show held in Las Vegas in January, following the success of last year’s show and the recent commercial launch of our Fitbug Orb.”

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