Update re Convertible Loan Notes

T42 IOT Tracking Solutions PLC

20 December 2023

 

20 December 2023

t42 IoT Tracking Solutions Plc.

("t42", the "Company" or the "Group")

Update re Convertible Loan Notes

On 22 December 2021 the Company entered into a convertible loan note agreement with a number of existing and new investors ("Lenders") for a total subscription of £925,000 unsecured convertible loan notes ("CLNs").

The CLNs attract interest at 8% per annum, payable quarterly in arrears, and are convertible into new ordinary shares of the Company at a price of 15p per share. The CLNs are not capable of conversion if to do so would breach rule 9 of the Takeover Code. The CLNs have an expiration and repayment date  of 31 December 2023. The CLNs are unsecured.

While the Company notes the current maturity date of 30 December 2023, it is in advanced negotiations to extend the repayment date of the CLN with the Lenders, who have indicated their willingness to do so, subject to final terms. A further announcement will be made once such agreement is finalised.

Contacts:

t42 IoT Tracking Solutions PLC     Michael Rosenberg, Chairman 07785 727595

Avi Hartmann, CEO                                                                                                             [phone]

Strand Hanson Limited (Nominated Adviser and Financial Adviser)                              020 7409 3494

James Harris/ Richard Johnson/ Robert Collins

Peterhouse Capital Limited                                                                                            020 7469 0930

Lucy Williams/ Charles Goodfellow/ Eran Zucker

t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom Systems plc, provides real-time tracking, analysis, monitoring, and security IoT solutions for the global container and freight market and covers 55 countries, over 100 distributors, and 50 logistics and support partners.

t42's multi-sensor IoT tracking devices use a wide range of detection capabilities with cloud-based analytics and alerts, with real-time data transmission, analysis, and actionable insights. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments.

For more information on the Company, please visit: https://www.t42.co.uk/    

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

 

END