21st Century Technology PLC Debt Financing (2596R)
08 December 2016 - 6:00PM
UK Regulatory
TIDMC21
RNS Number : 2596R
21st Century Technology PLC
08 December 2016
8 December 2016
21st Century Technology plc
("21st Century" or "the Group")
Debt Financing
21(st) Century Technology plc (AIM: C21), the specialist
provider of tailored solutions to the transport community, solving
complex operational requirements both on and off vehicle, is
pleased to announce that, further to the interim results
announcement on 28 September 2016 when the Company stated that the
Board was considering additional financing options to support the
business with its working capital requirements, it has secured
GBP300,000 of debt financing in the form of loan notes ("Loan
Notes") details of which are set out below. Irrevocable commitments
to subscribe for the Loan Notes were received on 7 December 2016
with the actual subscription for the Loan Notes expected in the
next 2-3 days resulting in the immediate cash receipt of
GBP225,000, the remaining GBP75,000 expected to be received by no
later than 31 December 2016.
Following receipt of the irrevocable commitments the Company
will also be in a position to secure access to a new GBP400,000
invoice discounting facility with MarketInvoice (the "Invoice
Facility"). The Invoice Facility will be used when required on an
invoice by invoice basis. The Group are under no obligation to use
the Invoice Facility unless they choose to.
The Invoice Facility attracts various platform and interest
charges when it is used and the Board expects the average cost per
invoice to range between 15-20 per cent. APR. The Loan Notes
attract interest at 10.0 per cent. and are repayable in full on 31
December 2019. The Loan Notes are secured on a charge against the
Group's trade debtors, excluding those invoices from time to time
discounted via the Invoice Facility.
GBP60,000 of the Loan Notes in aggregate are being provided by
three of the Group's directors; Russ Singleton, Mark Elliott and
James Cumming (the "Lending Directors"). The Lending Directors are
related parties of the Company pursuant to the AIM Rules for
Companies.
The independent director of 21(st) Century, being the Company's
finance director Glenn Robinson, considers, having consulted with
the Company's nominated adviser finnCap Limited, that the terms of
the Loan Notes and the related security documentation between the
Company and the Lending Directors is fair and reasonable insofar as
the Company's shareholders are concerned.
Russ Singleton, Chief Executive Officer, said: "Over the last
few weeks, progress at 21(st) Century has been good with the
previously announced GBP2m in new contracts and the two-year
contract extension with Arriva UK Bus; complimenting the five-year
agreement secured in August with First Bus UK. The financing
facilities announced today provide additional working capital as we
continue to invest in our customers and solutions, while
negotiating on a number bids and tenders".
A digital copy of this announcement will be available on the
Group's website: www.21stplc.com
Enquiries:
21st Century Technology Russ Singleton Tel: 0844 871
plc 7990
finnCap Limited
Nominated Adviser Julian Blunt/Scott Tel: 0207 220
Mathieson 0500
Corporate Broking Malar Velaigam
Media enquiries
Communications Ariane Comstive / Tel: 07785
Portfolio Helen Carpanini 922 354/
0207 536 2007
Notes to editors:
'Connected Systems for Connected Journeys'
21st Century Technology is the specialist provider of tailored
solutions to the transport community, solving complex operational
requirements both on and off the vehicle. Comprised of a Fleet
Systems division and a Passenger Systems division, 21st Century
Technology provides integrated solutions both on and off the
vehicle to deliver 'connected systems for connected journeys'.
Fleet Systems: include CCTV video surveillance; to improve
passenger & driver safety, vehicle & driver performance
monitoring, real-time on-board IT subsystems management and
automatic passenger counting.
Passenger Systems: include the design & manufacture of all
the necessary hardware and software for electronic passenger
information systems, off-vehicle smart ticketing and
way-finding.
With over 20 years' experience in the transport industry, 21st
Century Technology specialises in providing innovative,
cost-effective technology lead solutions to improve the passenger
experience and provide operational benefits to fleet and network
operators.
Further information on the company is available on
www.21stplc.com or search for 21st Century Technology on LinkedIn
and @21stCenturyLtd on Twitter.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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