Last checked at 19 Dec 2013 07:00
FOR RELEASE
7.00AM
19 December 2013
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
TRADING STATEMENT and convertible loan note extension
Trading Statement
Following the 30 November 2013 year end the Group is pleased to inform the market that sales and EBITDA figures will be in line with market expectations and that cash balances at the year end exceeded £1.5m.
The Group will announce preliminary results on 12 March 2014.
Convertible Loan Note Extension
In addition, the Company announces that Elderstreet VCT plc ("Elderstreet"), one of the holders of loan notes issued by the Company in June 2009, has agreed to extend the terms of their loan notes. Under the new terms Elderstreet's 500,000 nominal of convertible loan notes of £1 each will accrue interest at 8 per cent. per annum (previously 6 per cent.) and the loan notes will be redeemable for cash or convertible at 4 pence per ordinary share on 31 December 2015 (previously 30 June 2014).
Elderstreet is a substantial shareholder in Access Intelligence and therefore the extension of the convertible loan notes is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of Access Intelligence, having consulted with the Company's nominated adviser, Sanlam Securities UK Limited, consider the terms of the loan notes to be fair and reasonable insofar as shareholders are concerned.
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Executive Chairman)
Joanna Arnold (COO)
Kole Dhoot (CFO)
Sanlam Securities UK Limited (Nominated Adviser & Broker) 020 7628 2200
Simon Clements / Katie Shelton