REG - Mobile Tornado Group - Extension to revolving loan facility

Mobile TornadoAnnouncement

23/09/2020 07:00

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200923:nRSW7946Za

RNS Number : 7946Z  Mobile Tornado Group PLC  23 September 2020

23 September 2020

 

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

 

Extension to revolving loan facility

 

Mobile Tornado (AIM: MBT) the leading provider of instant communication mobile
solutions to the enterprise market, announces that the Company has today
extended the Revolving Loan Facility agreement (the "Facility Agreement") with
InTechnology Plc ("InTechnology"), details of which were announced by the
Company on 27 September 2018.

 

The Facility Agreement was due to expire on 26 September 2020 and has been
extended for a further 12 months until 26 September 2021. All other terms of
the Facility Agreement remain unchanged, as follows:

 

·      It is a revolving loan facility of up to a maximum principal
amount of £300,000.

·      Any amounts drawn down by the Company pursuant to the Facility
Agreement will bear interest at a rate of 10% per annum.

·      The Facility Agreement allows for monies to be drawn down, repaid
and redrawn again in any manner and any number of times by the Company until
the agreement expires.

·      At the expiration date of the Facility Agreement, all monies
shall be repayable by the Company to InTechnology together with any accrued
interest thereon.

 

As at the date of this announcement, the amount drawn under the Facility
Agreement is zero.

 

The additional capital will specifically support the financing of the
Company's sales pipeline under the Capex Model where the Company is required
to fund the hardware prior to placement with the end customer.

 

As InTechnology is a substantial shareholder in the Company (as defined in the
AIM Rules for Companies ("AIM Rules")), the extension to the expiry date of
the Facility Agreement constitutes a related party transaction under Rule 13
of the AIM Rules. The independent directors of the Company (save for Peter
Wilkinson, who is a controlling shareholder of InTechnology), having consulted
with the Company's nominated adviser, Allenby Capital Limited, consider the
extension to the Facility Agreement to be fair and reasonable insofar as the
Company's shareholders are concerned.

 

Enquiries:

 

 Mobile Tornado Group plc                                   +44 (0)7734 475 888
 Jeremy Fenn, Chairman                                      www.mobiletornado.com (http://www.mobiletornado.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)       +44 (0)20 3328 5656
 James Reeve / James Hornigold

 Walbrook PR Ltd                                            +44 (0)20 7933 8780
 Nick Rome/Paul Vann                                        mobiletornado@walbrookpr.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRDGGDCGBDDGGD