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Grafenia launches perpetual bond facility, issues £3m

Wed, 15th Jul 2020 16:25

(Sharecast News) - Grafenia announced on Wednesday that it has put in place a facility to issue up to £50m of perpetual bonds, and issued £3m of the bonds to investors, raising about £2.01m before expenses.
The AIM-traded firm said the facility would enable it to issue bonds, which would be valid in perpetuity from the date of their issue, and would be freely transferable.

It said the key terms of the bonds were that they were issued at 67% of their nominal value, carried no interest for three years, and thereafter, interest of 6% per annum was payable annually in arrears.

The issue date of the bonds was 15 July, with the bonds being redeemable by the company on any anniversary of the issue date from 15 July 2023 onwards.

Grafenia noted that they were non-convertible and unsecured, and would rank equally with any future bonds.

The net proceeds of the bonds would be used to support the company's acquisition strategy, and for general working capital requirements, the board explained.

"We've been open and transparent about our acquisition strategy, to roll up the signs sector," said chief executive officer Peter Gunning.

"Since the start of the pandemic, we've had many discussions with sign businesses.

"Depending on their product mix, some have been affected by the crisis more than others."

Gunning said people were contemplating what the future looked like,and were considering their options.

"We're seeing potential opportunities to grow our network.

"We like the mechanism of the bond. As we see future attractive acquisition opportunities, we can access capital as necessary.

"We did consider raising equity, but the board decided that this bond was better for shareholders as it's not dilutive."

At 1152 BST, shares in Grafenia were up 1.94% at 7.9p.
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IN BRIEF: Grafenia to raise GBP27.9 million to pursue further growth

Grafenia PLC - Manchester-based printing and software company - Plans to raise GBP23.0 million via a placing and subscription at 8.5p per share, and GBP4.9 million through an open offer to shareholders at the same price. Proceeds will fund future acquisitions, repurchase some of the company's existing bond arrangements and pay deferred consideration on previous acquisitions.

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IN BRIEF: Grafenia says waiting for payment for Works disposal

Grafenia PLC - Manchester-based printing and software company - Says it has not received payment of a deferred consideration for a disposal that took place last year. Last May, the firm sold its wholly-owned subsidiary Works Manchester Ltd and some of the business and assets of its wholly-owned subsidiary Grafenia Operations Ltd for GBP3.2 million to Rymack Sign Solutions Ltd, which trades as PFI Group. As part of the sale, four instalments of GBP766,250 were due on the first, second, third and fourth anniversaries of completion. The amount for the first instalment has since been adjusted down to GBP514,223.

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3 May 2023 17:57

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17 Feb 2023 13:37

Grafenia buys Irish property management software firm Topfloor Systems

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Grafenia buys Care Management for GBP3.5 million cash consideration

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SysGroup PLCAGM
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B90 Holdings PLCAGM
Best of the Best PLCAGM
Dev Clever Holdings PLCAGM
Fulcrum Utility Services LtdAGM
Grafenia PLCAGM
Hornby PLCAGM
Marlowe PLCAGM
Purplebricks Group PLCAGM
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19 May 2022 17:04

IN BRIEF: Grafenia pivots to software licencing following disposals

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