Cashbox PLC
20 December 2007
Cashbox PLC
20 December 2007
Cashbox PLC
('Cashbox' or 'Company')
Cashbox PLC secures funding from MBC Investments Ltd and reschedules Bank of
Scotland facility
Cashbox, the UK ATM provider, today announces that it has secured £1 million in
funding from MBC Investments Ltd. The funding is to be provided in two tranches.
The first tranche is a convertible unsecured loan, available immediately, for
the sum of £583,788. The second is a non-convertible unsecured loan of £416,212
which is available for draw down from 31 March 2008.
Both tranches of the loan mature on 31 March 2009. The convertible tranche, if
it is not repaid prior to 31 March 2008, is convertible on or after that date
into ordinary shares in Cashbox at a conversion rate of 5p per ordinary share.
As a result of this, 11,675,760 new ordinary shares have been reserved for
issue.
The new loans have been arranged in conjunction with a rescheduling of the
Company's Bank of Scotland facility, whereby the existing £8m facility is to be
reduced to £6m and the drawdown period is to be extended from March 2008 to
December 2008. The debt repayment originally agreed to start March 2008 has been
rescheduled to commence December 2009.
The CEO of Cashbox, Ciaran Morton commented, 'Our path to profitability is
governed by the speed at which we can attain critical mass and this additional
funding will enable us to continue to install ATMs at an accelerated rate'.
For further information:
Cashbox PLC 01256 441000
David Auger, CFO
Threadneedle Communications 020 7936 9606
Josh Royston/Graham Herring
Seymour Pierce 020 7107 8000
Jonathan Wright
This information is provided by RNS
The company news service from the London Stock Exchange
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