Extension of Vaekstfonden loan

RNS Number : 4180R

Windar Photonics PLC

29 June 2020

 

29 June 2020

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Windar Photonics plc

("Windar" or the "Company")

Extension of Vaekstfonden loan

Windar Photonics plc (AIM:WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that it has renegotiated the terms of its Growth Fund borrowing from the Danish public institution, Vaekstfonden.

The Vaekstfonden loan of 4 million Danish Krone was originally obtained in 2011 and carried interest at a rate of 12 per cent.  The borrowing was structured as a bullet loan maturing in June 2020.

The total Vaekstfonden borrowings (including rolled up interest) is 9.9 million Danish Krone (approx. €1.3 million).  The Vaekstfonden loan has been extended with quarterly repayments commencing April 2021 with the loan being fully repayable by April 2025.  The interest rate is now 7 per cent. rather than the previous 12 per cent. Windar has also given a pledge for 4 million Danish Krone (approx. € 0.5 million) pursuant to the loan extension.

For further information:

Windar Photonics plc	Martin Rambusch, General Manager	[phone]
Cantor Fitzgerald Europe  Nominated Adviser and Broker	David Foreman	[phone]

About Windar:

Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimisation systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.

http://investor.windarphotonics.com  

 

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