REG - Datalex PLC Datalex PLC - DLE - Amendment of Facilities Agreement with Tireragh

DatalexAnnouncement

11/04/2023 07:00

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RNS Number : 7156V  Datalex PLC  11 April 2023

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014. With the publication of this
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DATALEX PLC

 

Amendment of Facilities Agreement with Tireragh Limited

Datalex announces intention to explore further fundraising options

Dublin, Ireland - 11 April 2023: Datalex plc ("Datalex", the "Company" or the
"Group") (Euronext Growth Dublin: DLE), a market leader in transformative
airline retail products and software solutions, is pleased to announce that it
has successfully agreed an amendment to the Group's debt facilities agreement
(the "Facilities Agreement") with Tireragh Limited ("Tireragh").

The Company has agreed with Tireragh, a company ultimately beneficially owned
by Mr. Dermot Desmond, to amend and restate the Facilities Agreement to extend
the repayment date for all amounts owing to Tireragh from 30 June 2023 out to
31 December 2024, providing the Group with further financial flexibility.

In the context of the Company's strategic development, in particular the
expected growth from recent new customer wins and other potential
opportunities, the Board has engaged its financial advisers to explore further
fundraising options to secure capital to repay the debt facility and support
the expansion of the business as it returns to positive cashflow generation
and further builds out its global customer base.

Datalex will host a capital markets half-day event for analysts and investors
on 10 May 2023 in London. Further details will be made available at
www.datalex.com.

Background and details

Datalex initially entered into the Facilities Agreement with Tireragh on 30
October 2019 with the arrangements approved by independent shareholders on 15
November 2019 and subsequently amended on two occasions in 2020 and 2021,
again with the approval of independent shareholders.

Tireragh is a company ultimately beneficially owned by Mr. Dermot Desmond and
an associate of our largest shareholder, IIU Nominees Limited, a company
ultimately beneficially owned by Mr. Desmond.

The Company has today entered into the Third Amendment and Restatement
Agreement with Tireragh to amend and restate the Facilities Agreement. The
principal amendments to the Facilities Agreement to be effected by the Third
Amendment and Restatement Agreement are:

·    to confirm the continued availability to the Company of the facility
B term loan facility in the amount of approximately €10 million (of which
approximately €1 million remains undrawn) and to extend the availability
period of facility B to 30 June 2023;

·    to extend the repayment date for all amounts owing to Tireragh under
the Facilities Agreement to 31 December 2024; and

·    to increase the rate of interest payable on loans made under the
Facilities Agreement from 10 per cent. per annum to 15.5 per cent. per annum
with immediate effect, increasing to 16.5 per cent. per annum from 1 July 2023
and increasing to 18 per cent. per annum from 1 October 2023.

 

The existing security granted by members of the Datalex Group will continue to
secure all obligations under the Facilities Agreement.

 

 

Contact information

Investor Enquiries

Neil McLoughlin, Datalex plc

+353 1 806 3500

investor.relations@datalex.com (mailto:investor.relations@datalex.com)

 

Media Enquiries

Eavan Gannon, Powerscourt

+353 87 236 5973

Datalex@powerscourt-group.com (mailto:Datalex@powerscourt-group.com)

 

About Datalex

Datalex's purpose is to transform airline retail. Datalex is a market leader
in airline retail technology, offering unique products that enable airlines to
drive revenue and profit as digital retailers. Datalex has a strong track
record of delivering digital retail transformation for progressive airline
brands worldwide.

The Group is headquartered in Dublin, Ireland, and maintains offices across
Europe, the USA, China and Australia.

In 2023, Datalex was awarded the 'Great Place to Work®' and 'Best Workplaces
in Tech™' certifications.

Datalex plc is a publicly listed company, on Euronext Growth, Dublin.

Learn more at www.datalex.com (http://www.datalex.com)

 

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