Extension of Convertible Loan Notes

RNS Number : 8921S

Access Intelligence PLC

28 December 2016

 

ACCESS INTELLIGENCE PLC

("Access Intelligence", "the Company" or "the Group")

 

EXTENSION OF CONVERTIBLE LOAN NOTES

Access Intelligence Plc (AIM: ACC), a leading supplier of Software-as-a-Service (SaaS) solutions for reputation and operational risk management, is pleased to announce the extension of £1.25 million of convertible loan notes by Elderstreet VCT plc ("Elderstreet") and Unicorn AIM VCT plc ("Unicorn") (together Elderstreet and Unicorn are the "Note Holders").

On 1 July 2009, the Company announced that it had issued £1,750,000 of convertible loan notes (the "Loan Notes"), of which £1,250,000 remains outstanding. The terms were that the Loan Notes are redeemable at par or convertible to ordinary shares of 0.5p each in the Company ("Ordinary Shares") at a price of 4p per Ordinary Share on or before 31 December 2016.

On 22 December 2016, the Note Holders and the Company agreed to extend the term of the Loan Notes such that they will be redeemable at par or convertible to Ordinary Shares at 4p per Ordinary Share on or before 31 December 2017. All other terms of the Loan Notes remain unchanged.  

Elderstreet is a substantial shareholder in Access Intelligence and therefore the extension of the convertible loan notes is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of Access Intelligence, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider the terms of the loan notes to be fair and reasonable insofar as shareholders are concerned.

For further information:

Access Intelligence plc                                                                                  0843 659 2940

Michael Jackson (Non-Executive Chairman)                                                                

Joanna Arnold (CEO)                                                                                       

Allenby Capital                                                                                                                                                               

David Worlidge / James Thomas                                                                        020 3328 5656

 

END

 

 

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