IDE Group Holdings PLC Proposed Issue of Unsecured Loan Notes (9465O)
23 May 2018 - 4:01PM
UK Regulatory
TIDMIDE
RNS Number : 9465O
IDE Group Holdings PLC
23 May 2018
THE ANNOUNCMENT CONTAINS INFOMRATION WHICH, PRIOR TO ITS
DISCLOSURE, WAS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION.
IDE Group Holdings Plc.
Proposed Issue of Unsecured Loan Notes
IDE Group Holdings plc ("IDE Group", or the "Company"), the
mid-market network, cloud and IT Managed Services provider,
announces that the Company is in advanced discussions with its
existing shareholders to provide funding of approximately GBP2.0
million, subject to bank approval, through the issue of unsecured
loan notes (the "Unsecured Loan Notes").
This follows previous statements by the Company, most recently
in an announcement on 8 May 2018, that anticipated profitability in
2018 is expected to be significantly lower than 2017, but is
expected to improve steadily throughout 2018 and beyond following
implementation of the operational review. These financing
arrangements will support the Company's foreseeable working capital
needs during the ongoing strategic and operational review.
The Unsecured Loan Notes are expected to have an annual coupon
of 10% rolled up and paid annually alongside an arrangement fee of
1.5% payable on the first anniversary and will mature in 2021.
The Company plans to provide a trading update on its progress in
early July along with the conclusion of its strategic and
operational review.
The Board considers that a fundraising by way of the Unsecured
Loan Notes is the most appropriate route for the Company to raise
the capital it needs to address its current working capital
constraints in the timescale available.
The Company expects to release a further announcement once
formal terms have been agreed which is expected by the end of next
week.
IDE Group Holdings
Plc Tel: +44 (0)344 874 1000
Bill Dobbie, Chairman
Julian Phipps, COO
& CFO
N+1 Singer
Nominated Adviser Tel: +44 (0)20 7496 3000
and Broker
Richard Kauffer
Jen Boorer
Alma PR Limited Tel: +44 (0)20 8004 4218
Rebecca Sanders-Hewett
Robyn Fisher
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
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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