21st Century Technology PLC Trading Update and Invoice Discounting Facility (1316A)
22 December 2017 - 3:00AM
UK Regulatory
TIDMC21
RNS Number : 1316A
21st Century Technology PLC
21 December 2017
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
21 December 2017
21st Century Technology plc
("21(st) Century" or "the Group")
Trading update and signing of new GBP1.25 million invoice
discounting facility
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, as it draws to the end of its fourth quarter,
that the business is generating double digit (over 10%) sales
growth during H2 compared with H1, and expects to show over 15%
growth year-on year in H2.
In light of the pick-up in sales growth in the second half, the
Board has moved to secure additional working capital financing and
is pleased to announce today that it has secured access to a new
GBP1.25 million invoice discounting facility with Close Brothers
(the "New Facility"). Accessing the new facility requires a number
of technical changes to the terms of the existing loan notes. The
Board is delighted that loan note holders have unanimously
supported the changes which are listed below.
The New Facility will be used to provide additional working
capital to the Group and replaces the existing facility (currently
drawn in the amount of approximately GBP270,000) on materially
improved terms. The New Facility attracts various platform and
interest charges though the Board expects the cost to range between
7-8 per cent. APR, compared with approximately 15-20 per cent.
currently.
In order to secure the New Facility the Company has agreed a
Deed of Priority with the lending parties to the GBP300,000 loan
notes announced on 8 December 2016 (the "Loan Notes") the effect of
which is to subordinate their security to that of Close Brothers in
respect of the New Facility.
In aggregate GBP60,000 of the Loan Notes are held by three of
the Company's directors, Russ Singleton, Mark Elliott and James
Cumming (the "Lending Directors"); as such, the Deed of Priority is
a related party transaction for the purposes of the AIM Rules.
The independent director of 21(st) Century for this purpose,
being the Company's Chief Financial Officer Nick Lowe, considers,
having consulted with finnCap, that the Deed of Priority is fair
and reasonable insofar as the Company's shareholders are
concerned.
Russ Singleton, Chief Executive Officer, said: "I am pleased
with the progress we are making. We have strengthened the
management team with a number of key appointments and see exciting
potential emerging within existing accounts and from the new
customers won this year."
Enquiries:
21st Century Technology Russ Singleton/Nick Tel: 0844 871
plc Lowe 7990
finnCap
Nominated Adviser Julian Blunt/Scott Tel: 0207 220
Mathieson 0500
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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