Intercede Group PLC - cybersecurity software firm with offices in US state of Virginia and Leicestershire, England - Issues call notice in respect of outstanding GBP4.9 million of fixed rate secure convertible notes due 2021. Subsequent to the call, 12 out of 13 noteholders have opted to convert, or intend to convert, their loan noted into shares at the 68.8125 pence per share conversion price while the other noteholder has chosen to redeem their notes at par.
Following the call's completion, Intercede will have a stronger balance sheet, with no debt, and will save GBP400,000 a year in annual interest costs. It also removed the senior security noteholders have over Intercede assets.
Chief Executive Klaas van der Leest: "The company continues to invest significantly in the MyID platform to position for future growth. Notable recent additions include the introduction of a mobile authentication app combining high security with ease of use; support for the full US government enrolment process enabling MyID to replace multiple systems; and FIDO for the enterprise targeted at delivering strong standards-based authentication to a wider market."
Current stock price: 85.00 pence
Year-to-date change: down 5.0%
By Anna Farley; annafarley@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Intercede (IGP)