19 Jan 2015 07:00
19 January 2015
Imaginatik Plc
("Imaginatik" or "the Company")
Director Loan
Imaginatik plc (AIM: IMTK.L), the world's first full service innovation provider offering a range of consultancy and technology products, announces that Matt Cooper, Non-Executive Chairman, has agreed to lend to the Company the sum of $250,000 (the "Loan") for use in connection with the Company's short term working capital requirements pending receipt of funds due from certain clients and to cover minor delays in closing out several new contracts.
The Loan is unsecured, carries interest at a rate of 10 per cent. per annum and is available to be drawn down in one tranche. The Loan is repayable in full together with all accrued interest in six months' time.
As Matt Cooper is a director of the Company, the Loan constitutes a related party transaction pursuant to AIM Rule 13. The independent directors (being Ralph Welborn, Shawn Taylor and Simon Charles) consider, having consulted with the company's nominated adviser, finnCap Limited, that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.
Matt Cooper, Non-Executive Chairman, said:
"The company is making good progress with its biggest ever sales pipeline of new business opportunities, and I am delighted to be able to provide short term funding in anticipation of revenues from contracts that have been slightly delayed beyond their expected completion in December 2014 and to cover short term delays on receiving cash on contracted business. The Board looks forward to giving an update on trading in due course"
For further information please contact:
Imaginatik plc | Tel: 01329 243 243 |
Matt Cooper Non-Executive Chairman Ralph Welborn, CEO Shawn Taylor, CFO | |
finnCap Ltd | Tel: 020 7220 0500 |
Charlotte Stranner / Victoria Bates | |
Newgate Threadneedle | Tel: 020 7653 9850 |
Adam Lloyd / Ed Treadwell / Jasper Randall | |
About Imaginatik
Imaginatik provides a range of Innovation solutions comprised of consultancy, enterprise software and program management to deliver innovation results to companies such as The World Bank, The Chubb Group of Insurance Companies, State Farm, Exxon Mobil, Pfizer, Goodyear, the Yorkshire Building Society, Pitney Bowes and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. Imaginatik's mission is to help these companies build sustainable innovation competencies.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World Economic Forum Technology Pioneer with offices in Boston, MA, and Fareham, UK. For more information visit www.imaginatik.com.