Mobile Tornado Group PLC Extension to revolving loan facility (7946Z)
23 September 2020 - 4:00PM
UK Regulatory
TIDMMBT
RNS Number : 7946Z
Mobile Tornado Group PLC
23 September 2020
23 September 2020
Mobile Tornado Group plc
(" Mobile Tornado ", the " Company " or the " Group ")
Extension to revolving loan facility
Mobile Tornado (AIM: MBT) the leading provider of instant
communication mobile solutions to the enterprise market, announces
that the Company has today extended the Revolving Loan Facility
agreement (the "Facility Agreement") with InTechnology Plc
("InTechnology"), details of which were announced by the Company on
27 September 2018.
The Facility Agreement was due to expire on 26 September 2020
and has been extended for a further 12 months until 26 September
2021. All other terms of the Facility Agreement remain unchanged,
as follows:
-- It is a revolving loan facility of up to a maximum principal amount of GBP300,000.
-- Any amounts drawn down by the Company pursuant to the
Facility Agreement will bear interest at a rate of 10% per
annum.
-- The Facility Agreement allows for monies to be drawn down,
repaid and redrawn again in any manner and any number of times by
the Company until the agreement expires.
-- At the expiration date of the Facility Agreement, all monies
shall be repayable by the Company to InTechnology together with any
accrued interest thereon.
As at the date of this announcement, the amount drawn under the
Facility Agreement is zero.
The additional capital will specifically support the financing
of the Company's sales pipeline under the Capex Model where the
Company is required to fund the hardware prior to placement with
the end customer.
As InTechnology is a substantial shareholder in the Company (as
defined in the AIM Rules for Companies ("AIM Rules")), the
extension to the expiry date of the Facility Agreement constitutes
a related party transaction under Rule 13 of the AIM Rules. The
independent directors of the Company (save for Peter Wilkinson, who
is a controlling shareholder of InTechnology), having consulted
with the Company's nominated adviser, Allenby Capital Limited,
consider the extension to the Facility Agreement to be fair and
reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Mobile Tornado Group plc +44 (0)7734 475 888
Jeremy Fenn, Chairman www.mobiletornado.com
Allenby Capital Limited (Nominated Adviser
& Broker) +44 (0)20 3328 5656
James Reeve / James Hornigold
Walbrook PR Ltd +44 (0)20 7933 8780
Nick Rome/Paul Vann mobiletornado@walbrookpr.com
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