Sopheon plc
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Publicatie datum
09 dec 2010 - 08:07
Statutaire naam
Sopheon plc
Titel
AMENDMENT TO THE TERMS OF CONVERTIBLE LOAN STOCK & RESCHEDULING OF BLUECREST TERM LOAN
Bericht
9 December 2010
SOPHEON PLC
AMENDMENT TO THE TERMS OF CONVERTIBLE LOAN STOCK & RESCHEDULING OF BLUECREST TERM LOAN
Sopheon plc (“Sopheon” or “the Group”) announces that it has reached agreement with counterparties to adjust key aspects of the Group’s debt financing. These adjustments improve the maturity profile of the Group’s convertible loan stock, and introduce $2.7 million of additional working capital from the Group’s existing corporate lenders.
Chairman Barry Mence said:
“As evidence of rising demand for our products and services continues to mount, we wish to ensure that we are well positioned to take advantage of an improving business climate. This will entail a controlled acceleration of recruitment, as well as securing the ability to react rapidly to market opportunities that arise. To support these priorities, we have effected a major improvement to working capital. This has been accomplished without material dilution to shareholders. We look forward to higher growth, and further strengthening of our strategic position.”
Changes to convertible loan stock
On 2 October 2009, the Company announced that it had issued £850,000 of convertible unsecured loan stock (the “Loan Stock”) to a group of investors including key members of the Board and senior management team, maturing on 2 October 2011. The holders of the Loan Stock have unanimously agreed to extend the maturity date of the loan stock by sixteen months to 31 January 2013 and to remove the provision under which, if the Company undertook a placing or other issue of Shares at a lower price per Share than the Conversion Price, the Conversion Price would be adjusted to the placing price (the “Placing Provision”). This amendment was coupled with modification of the conversion price of the loan stock to 7.75p per share, being the current market price, from 10p per share. These changes improve the net current asset position of the group, while also removing a potential source of income statement
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