REG - Mobile Tornado Group - Variation to loan facility and notice of results

Mobile TornadoAnnouncement

22/09/2023 07:00

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RNS Number : 2875N  Mobile Tornado Group PLC  22 September 2023

22 September 2023

 

Mobile Tornado Group plc

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

 

Variation to revolving loan facility and notice of results

 

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

 

The Facility Agreement was due to expire on 26 September 2023 and has been
extended for a further 12 months until 26 September 2024. As announced on 24
March 2022, the maximum principal amount which may be drawn under the Facility
Agreement is £500,000. All other terms of the Facility Agreement remain
unchanged, as follows:

 

·      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 £150,000 and accrued interest is £39,000.

 

The Company's interim results for the period ended 30 June 2023 are expected
to be announced on 28 September 2023.

 

Related party transaction

 

As InTechnology is a substantial shareholder in the Company (as defined in the
AIM Rules for Companies ("AIM Rules")), the variation to the terms 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
variation to the terms of 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 and acting CEO                      www.mobiletornado.com (http://www.mobiletornado.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)      +44 (0)20 3328 5656
 James Reeve/Piers Shimwell (Corporate Finance)

 David Johnson (Sales and Corporate Broking)

 

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