REG - CyanConnode Holdings - Update on Goa Project and Convertible Loan Note

Cyanconnode HoldingsAnnouncement

21/07/2025 07:00

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RNS Number : 8251R  CyanConnode Holdings PLC  21 July 2025

 

21 July 2025

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Milestone Goa Project Fully Funded

 

CyanConnode Holdings plc (AIM: CYAN), a global provider of narrowband RF smart
mesh networks for smart metering and IoT applications, is pleased to announce
that its flagship smart metering contract in Goa, awarded in April 2025, is
now fully funded and resourced without any further capital from the Group.

 

To drive efficient and rapid delivery, the Company's Indian subsidiary,
DigiSmart Networks Private Limited ("DigiSmart"), and the Special Purpose
Vehicle ("SPV") GreenMeter Goa Private Limited ("GreenMeter"), established to
deliver the project, have appointed a specialist subcontractor under an
innovative arrangement whereby all project funding is sourced externally. This
forward-looking structure enables CyanConnode to accelerate execution,
preserve its balance sheet, and retain strategic control over project
delivery.

 

In parallel, and as a strong endorsement of CyanConnode's position in India's
expanding smart metering market, Smart Sustainability Solutions Limited has
subscribed to a further US$7.5 million unsecured convertible loan note, on the
same terms as the loan note announced on 20 May 2025. This funding is intended
to support the Company's broader working capital and business development
activities as it targets additional large-scale opportunities across India's
national smart metering programme.

 

The proceeds of the 20 May 2025 loan note were used, among other purposes, to
repay in full the short-term loan facility from Axia Investments Limited
announced on 19 March 2025.

 

John Cronin, Group CEO of CyanConnode, commented:

"In April and May 2024, DigiSmart was empanelled as an Advanced Metering
Infrastructure Service Provider (AMISP), enabling CyanConnode to lead and
deliver major smart metering projects in India using both RF and cellular
technology. The award of the Goa contract marked a significant milestone for
the Group, and we are delighted to confirm that the contract is now fully
financed through an innovative structure that protects our balance sheet while
enhancing long-term value.

 

The additional loan note reflects the strength of our strategic relationships
and provides us with the flexibility to pursue further large-scale
opportunities across India as the national rollout accelerates."

 

 

 

- Ends -

 

Enquiries:

CyanConnode Holdings plc
                                  Tel: +44 (0) 1223 865 750

John Cronin, Group CEO
 
 www.cyanconnode.com

Strand Hanson Limited (Nominated and Financial Adviser)
 Tel: +44 (0) 20 7409 3494

James Harris, Richard Johnson, David
Asquith
 

 

Zeus Capital Limited (Joint
Broker)                                                         Tel:
+44 (0) 20 3829 5000

Simon Johnson, Louisa Waddell

 

Panmure Liberum (Joint
Broker)
Tel: +44 (0) 20 7886 2500

Rupert Dearden / James Sinclair-Ford

 

Novella (Financial PR)
 
Tel: +44 (0) 20 3151 7008

Tim Robertson / Safia Colebrook

 

Key further Loan Note terms

·    Unsecured loan amount: US$7.5 million

·    Coupon: 7% per annum, payable on redemption or at the time of
conversion

·    Term: 60 months from the date of issuance

·    Redemption: The Company may redeem the Loan Note in full at any time
between 36 and 60 months from the date of issuance

·    Conversion: If the Loan Note has not been redeemed during its Term,
the principal, together with any accrued but unpaid interest, may be converted
after the 60-month maturity date into equity in CyanConnode or one or more of
its subsidiaries, associates, or group companies. Conversion is at the
election of the Lender but subject to mutual agreement with the Company
regarding the conversion price and the entity or entities into which it may
convert. Any conversion into CyanConnode equity shall not result in a breach
of Rule 9 of the UK Takeover Code

·   Conversion Price: To be determined based on fair market value, subject
to agreement between the Company and the Lender

 

About CyanConnode

CyanConnode (AIM:CYAN.L), is a global provider of IoT communication and smart
metering solutions. Its comprehensive technology portfolio includes narrowband
RF mesh, advanced cellular modules, and hybrid communication platforms,
delivering scalable and cost-effective connectivity for smart energy and
infrastructure applications.

The Company's flagship Omnimesh platform offers highly reliable, self-forming
and self-healing networks, optimised for deployment across diverse geographic
and environmental conditions. Complemented by innovations such as long-range
RF, in-meter gateways, and AI-enhanced cellular connectivity, CyanConnode
provides flexible solutions tailored to evolving utility needs.

CyanConnode's Universal Head-End System (UHES) enables seamless integration
across multiple communication technologies, enhancing interoperability and
simplifying network management at scale.

As a trusted AMISP and OEM partner, CyanConnode works with utilities, system
integrators, and meter manufacturers through a global, vendor-agnostic
ecosystem. The Company is playing a central role in the digital transformation
of the energy sector, with projects spanning India, Southeast Asia, the Middle
East, and Europe.

 

For more information, please visit www.cyanconnode.com
(http://www.cyanconnode.com/)

 

The information contained within this announcement is deemed to constitute
inside information for the purposes of Article 7 of EU Regulation 596/2014
(Market Abuse Regulations) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public domain.

 

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