New Banking Facility

RNS Number : 6508X

Lo-Q PLC

12 February 2013

 



12 February 2013

Lo-Q plc

("Lo-Q" or the "Company")

New Banking Facility

Lo-Q (AIM: LOQ), the AIM-listed technology solutions provider to the attractions and leisure industry, today announces that it has completed a new banking facility with Lloyds Bank Commercial Banking ("Lloyds").

The £4.75million ($7.5m) debt facility will refinance the £4.0million convertible loan note issued as part of the Company's recent acquisition of accesso LLC, America's leading US ticketing and e-Commerce company, and the remaining £0.75m will be used as working capital allowing Lo-Q to accelerate its growth ambitions into emerging markets. The new facility has been agreed at a rate of 1.5% above LIBOR and is due to expire in February 2017, including step downs over the 4-year period.

The facility, which is US dollar denominated, has been secured on Lo-Q's assets and IP in the US and UK, an indication of the value of the Lo-Q technology in the market, and the confidence the finance community has in the Lo-Q business.

The new arrangement will result in Lo-Q moving all its UK banking to Lloyds, further strengthening the relationship and rationalising the Company's UK banking and treasury arrangements.

Commenting on the news, John Alder, Chief Financial Officer of Lo-Q plc said:

"I am very pleased to report the successful renegotiation of our banking arrangements. It is a testament to the Company's robust financial position that we have been able to access debt on such positive terms as well as gaining additional funding. These together provide a more efficient capital structure to deliver further value to shareholders and reinforce future growth prospects.

This agreement brings all of Lo-Q's UK banking relationships under one roof. We are looking forward to maintaining a long-term relationship with Lloyds Bank and are excited about the platform we are building to support Lo-Q's future."

David Squire, Relationship Director, Lloyds Bank Commercial Banking added:

 "Lo-Q is financially robust and has demonstrated a strong track record of growth.  We look forward to working with its management team in years ahead. The company is a great example of a UK mid-market business generating growth at home and overseas. Companies like this are fundamental drivers of our economic recovery and we are committed to providing them with the support they need to achieve their goals."   

For further information, please contact:

Lo-Q plc Tom Burnet, Chief Executive Officer John Alder, Chief Financial Officer	[phone]
FTI Consulting Matt Dixon, Clare Thomas, James Melville-Ross, Jessica Liebmann	[phone]
Canaccord Genuity Simon Bridges, Cameron Duncan, Brendan Gulston	[phone]

About Lo-Q

Lo-Q is the premier technology solutions provider to the attractions and leisure industry, focused on driving increased revenues and improved guest experiences through its range of innovative award-winning solutions operated in over 130 attractions worldwide. 

Virtual Queuing Solutions

Used by over 8 million guests since 2001, Lo-Q's range of patented virtual queuing solutions allow users to queue without having to stand in line.  Instead, they reserve their place in a queue line electronically and are notified when their turn is up.  For attraction operators, this means increased guest satisfaction and revenues as customers are unlocked from queue lines and able to enjoy the rest of the attraction instead, spending time in retail and food and beverage outlets or other rides, shows and attractions.

Whether delivered on the smartphone based; Q-smart, the waterproof RFID wristband; Q-band, or the original handheld device; Q-bot - Lo-Q's range of virtual queuing solutions are designed to deliver revenue driving systems to all theme park and water park environments.  Customers including Six Flags Entertainment, Merlin Entertainments, Parques Reunidos, Dollywood and Compagnie des Alpes are all currently benefiting from the happier guests and additional revenues that Lo-Q's virtual queuing solutions bring.  For more information visit www.lo-q.com. 

accessoTicketing and Content Solutions

A wholly owned subsidiary of Lo-Q plc is recognized as the attraction industry's leading provider of ticketing solutions; offering a range of proprietary, fully-hosted ticketing, eCommerce, mobile and payment processing solutions to more than 100 leading venues including Six Flags Entertainment, Cedar Fair Entertainment, Herschend Family Entertainment, and Palace Entertainment.

The accesso Passport ticketing suite is a comprehensive solution built for where customers shop - OnSite. OnLine. OnTheGo. noted for a streamlined, easy-to-use design with seamlessly integrated revenue driving features that allow attractions to up-sell, cross-sell and simply-sell. Combined with level 1 PCI security certification, and 24/7 support, accesso Passport gives clients the tools, security and support they need to drive sales.

With over 1 million native mobile app downloads for clients so far, the accesso brand also provide content rich iPhone and Android applications that deliver added value info and functionality to attraction guests plus revenue driving mobile ticketing functionality that seamlessly integrates with the rest of the Passport Suite.  For more information visit www.accesso.com.  

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