LONDON (Alliance News) - Globo PLC on Monday said its plan to issue high-yield bonds has been delayed by market uncertainty.
In a statement, the mobile application software company said it hopes to conclude the fundraising soon, having received "strong interest from numerous investors".
"This process has been delayed by market events through the summer of 2015, notably uncertainty surrounding the Greek economy and latterly the weakness in global equities following the severe correction in China which has impacted the high-yield bond market," the company said.
In July, the company said derived 12% of its revenue from Greece in 2014, but it expects this to fall to around 6% to 7% in 2015.
Globo wants to raise money so it can make acquisitions and strengthen its position in the enterprise mobility management space.
"Whilst the fundraising process is being concluded, Globo remains committed to completing the first of these acquisitions which is underpinned by existing cash resources which are currently held in investment grade banks in the US, UK and Switzerland," Globo said.
Shares in Globo were down 13% at 39.76 pence on Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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