Extension to loan maturity date

RNS Number : 6462N

Mirada PLC

21 May 2020

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

21 May 2020

Mirada plc

("Mirada" or the "Company")

Extension to loan maturity date

Mirada (AIM: MIRA), a leading provider of integrated software solutions for digital TV operators and broadcasters, announces that its subsidiary, Mirada Iberia, S.A.U., has agreed an extension to the term of its revolving credit facility for up to €1.3 million (the "Facility"), details of which were announced on 4 June 2019. 

The term of the Facility has been extended by 12 months and now expires on 30 November 2021 ("Maturity Date"), although the Company retains the option to repay any drawn amounts earlier. Currently, €1.1 million is drawn under the Facility. The Board of Mirada considered it prudent to extend the Maturity Date in order to provide cashflow flexibility and bearing in mind the global uncertainties presented by the COVID-19 pandemic.

All other terms of the Facility remain unchanged and are set out in the announcement of 4 June 2019.

The Facility is provided by Leasa Spain, S.L.U. (the "Lender"), which is owned by Mr Ernesto Luis Tinajero Flores ("Mr Tinajero"). Mr Tinajero, through his indirect interest in Kaptungs Limited, has a beneficially interest in 7,768,791 ordinary shares of the Company, representing 87.21 per cent. of the Company's issued share capital. Therefore, the agreement with the Lender to extend the Maturity Date is a related party transaction pursuant to rule 13 of the AIM Rules for Companies.  Accordingly, the Directors of the Company consider, having consulted with the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

Mirada plc José Luis Vázquez, Chief Executive Officer Gonzalo Babío, Chief Financial Officer	[phone] [e-mail]
Newgate Communications Bob Huxford Tom Carnegie Megan Kovach Allenby Capital Limited (AIM Nominated Adviser and Broker) Jeremy Porter Liz Kirchner	[phone] [e-mail] [phone]

 

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