ADVFN ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Fitbug Holdings: £1.6m raised through placing

Share On Facebook
share on Linkedin
Print

£1,665,000 Raised Through Placing, Subscription and New Convertible Loan Note – Favourable loan restructure terms and new orders

Fitbug Holdings Plc, the AIM quoted provider of online personal health and wellbeing services, has raised a total of £1,665,000 through a combination of the issue of new ordinary shares of 1 pence each in the Company by way of a Placing by Hybridan, Subscription by NW1 Investments Limited and the issue of a new Convertible Loan Note to NW1 Investments.

A restructuring of all existing loans has been agreed on favourable terms which strengthens the Group’s balance sheet, extends the term of the existing loans and reduces their interest rate.

Overview

· Funds raised will support product enhancement and marketing and increase sales of the Company’s integrated wearable health technology offering, including Kiqplan and Fitbug Orb;
· £665,000 (before expenses) raised by way of a placing of 26,600,000 new Ordinary Shares in the Company at 2.5 pence per share;
· £350,000 raised by way of subscription from NW1 Investments, which is subscribing for 14,000,000 new Ordinary Shares in the Company at 2.5 pence per share;
· A new £650,000 convertible loan in favour of NW1 Investments repayable by 31 July 2017 at a conversion rate of 3.25p per share;
· Agreed loan restructuring which extends the term on main loans until 31 July 2017, reduces the future interest rate by 40%, and with interest forgiveness provides an interest saving of c. £300k in the current year; and
· New orders from Towers Watson, Sainsbury’s, Sam’s Club, inflight retail specialist Scorpio and the NHS.

Fitbug Chairman Fergus Kee said, “Fitbug and in particular Kiqplan, is uniquely positioned within the wearables market, including Smartwatches, which is forecast to grow to 148 million units shipped per annum by 2018. These new funds and attractive loan restructure terms significantly strengthen the Company’s financial position and prospects. We welcome new investors and thank longstanding shareholders, Kifin Limited and NW1 Investments Limited for their continued support.”

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com