Variation to loan facility and notice of results

Mobile Tornado Group PLC

22 September 2023

 

22 September 2023

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

Variation to revolving loan facility and notice of results

Mobile Tornado (AIM: MBT), a leading provider of resource management mobile solutions to the enterprise market, announces that the Company has today varied the terms of its Revolving Loan Facility agreement (the "Facility Agreement") with InTechnology Plc ("InTechnology"), details of which were first announced by the Company on 27 September 2018.

The Facility Agreement was due to expire on 26 September 2023 and has been extended for a further 12 months until 26 September 2024. As announced on 24 March 2022, the maximum principal amount which may be drawn under the Facility Agreement is £500,000. All other terms of the Facility Agreement remain unchanged, as follows:

·      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 £150,000 and accrued interest is £39,000.

The Company's interim results for the period ended 30 June 2023 are expected to be announced on 28 September 2023.

Related party transaction

As InTechnology is a substantial shareholder in the Company (as defined in the AIM Rules for Companies ("AIM Rules")), the variation to the terms 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 variation to the terms of the Facility Agreement to be fair and reasonable insofar as the Company's shareholders are concerned. 

Enquiries:

Mobile Tornado Group plc	[phone]
Jeremy Fenn, Chairman and acting CEO	www.mobiletornado.com
Allenby Capital Limited (Nominated Adviser & Broker)	[phone]
James Reeve/Piers Shimwell (Corporate Finance) David Johnson (Sales and Corporate Broking)

 

END