21st Century Technology PLC Trading update and extension of loan note (3607L)
24 December 2018 - 6:00PM
UK Regulatory
TIDMC21
RNS Number : 3607L
21st Century Technology PLC
24 December 2018
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
24(th) December 2018
21st Century Technology plc
("21st Century" or the "Company")
Trading update and extension of loan note
21(st) Century Technology plc (AIM: C21), the specialist
provider of tailored solutions to the transport community, solving
complex operational requirements both 'on-vehicle' and 'in-street',
is pleased to provide an operational and trading update for the
year ended 31 December 2018 (the "Period") together with the
announcement of new and extended debt financing.
Operational and Trading Update
Continued investment in R&D is delivering a more powerful
suite of software solutions along with an enhanced product
portfolio showcasing the group's own IP. The Board expects these
developments to underpin progress in sales and profitability in the
coming years.
Revenue for the Period is expected to be in excess of 10% higher
than last year with underlying operating profits expected to be
broadly in line with last year.
Loan Notes
The Company has agreed to extend the maturity date of GBP300,000
of existing loan notes (announced on 8 December 2016) ("Existing
Loan Notes") such that they will now be repayable on 31 March 2021.
All other terms of the Existing Loan Notes remain unchanged. The
extension of the maturity date of the Existing Loan Notes
constitutes a related party transaction under the AIM Rules as
certain directors of the Company are holders of the Existing Loan
Notes.
In addition, the Company has secured an additional GBP250,000 of
loan notes ("New Loan Notes") from both existing and new investors.
The New Loan Notes attract interest at 10 per cent. and are
repayable on 31 March 2022. All other terms of the New Loan Notes
are the same as the terms of the Existing Loan Notes. Russ
Singleton, the Company's Chief Executive Officer, is providing
GBP25,000 of the New Loan Notes and as he is a related party of the
Company for the purposes of the AIM Rules his participation in the
New Loan Notes constitutes a related party transaction under the
AIM Rules.
The money raised from the New Loan Notes will enable the Company
to continue its investment in R&D and provide working capital
to ensure that the Company can capitalise on anticipated
opportunities.
Related Party Transactions
The independent directors of 21(st) Century (being Nick Lowe in
relation to the extension of the Existing Loan Notes and Nick Lowe,
James Cumming and Mark Elliott in relation to Russ Singleton's
participation in the New Loan Notes) consider, having consulted
with the Company's nominated adviser finnCap Limited, that both the
extension to the maturity date of the Existing Loan Notes and the
full terms of the New Loan Notes are fair and reasonable insofar as
the Company's shareholders are concerned.
Russ Singleton, Chief Executive Officer of 21(st) Century, said:
"We have made a lot of progress this year with our innovation led
growth strategy and our R&D capabilities are now beginning to
differentiate us. Despite new vehicle registrations being lower
than expected this year and local authority budgets continuing to
be under pressure, we have successfully grown both the Fleet and
Passenger side of our business by working closely with customers
and then delivering more deeply integrated solutions that meet or
exceed their needs. The additional working capital provided by the
new loan notes will enable us to exploit additional opportunities
as they become available and we look towards 2019 with
confidence."
A digital copy of this announcement will be available on the
Group's website: www.21stplc.com
Enquiries:
21st Century Technology Russ Singleton/Nick Lowe Tel: 0844 871 7990
plc
finnCap
Nominated Adviser Julian Blunt/Scott Mathieson Tel: 0207 220 0500
Media enquiries
Communications Portfolio Ariane Comstive / Helen Tel: 07785 922
Carpanini 354/
0207 536 2007
Notes to editors:
'Connecting Systems for Connected Journeys'
21st Century Technology is the specialist provider of integrated
systems and software to the transport community, solving complex
operational requirements 'on-board' vehicles and the associated
'in-street' information delivery infrastructure. Comprised of a
Fleet Systems division and a Passenger Systems division, 21st
Century's innovative IoT solutions are 'connecting 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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