ACC.L Share News (ACC)

LONDON (Alliance News) - Access Intelligence PLC Tuesday said that Unicorn AIM VCT PLC, the second holder of loan notes it issued back in June 2009 to help pay for an acquisition, has agreed to extend the terms of its notes in return for a higher interest rates, just as the first holder did.

In a statement, Access said that under the new terms, Unicorn's GBP750,000 of convertible loan notes will accrue interest at 8% a year, up from 6% previously, but the loan notes are now redeemable for cash or convertible at 4 pence per share on December 31, 2015, compared with the previous redemption date of June 30 of this year.

Access issued a total of GBP1.75 million in loan notes in June 2009, raising funds to help pay for its acquisition of software-as-a-service company Ether-Ray. Unicorn subscribed for 750,000 notes of GBP1 each and Elderstreet VCT PLC for 500,000.

Elderstreet agreed to extend the terms of its loan notes on the same terms as the Unicorn extension last December.

At that time, Access had said that its sales and earnings before interest, tax, depreciation and amortisation for the last financial year to end-November, 2013, would be in line with market expectations and that cash balances for the year would be more that GBP1.5 million.

The company said Tuesday it now expects to report its full results for the year on April 1.

Access Intelligence shares were down 6.3% at 2.81 pence Thursday.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

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