26 Mar 2020 12:49
26 March 2020
Catenae Innovation PLC
("Catenae", or the "Company")
Working Capital Facility
Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, is pleased to announce that it has entered into a loan facility agreement with B.T.I.C. Limited for an amount of £150,000 ("Loan Facility" or "Agreement"). The Loan Facility will be used for the general working capital purposes of the Company.
The Loan Facility is unsecured and accrues interest at the rate of 11 per cent per annum and may be drawn down in three tranches commencing before 31 March 2020. The Loan Facility is repayable by 25 March 2022. The Loan Facility may be converted into ordinary shares of the Company in the event of a reverse transaction at a price equivalent to the price the shares are re-admitted to trading.
The Loan Facility provides the Company with sufficient working capital until at least 30 June 2020.
B.T.I.C. Limited is a company controlled by Brian Thompson who has an interest over 31,129,781 shares in the Company, representing circa 29% of the Company's issued share capital. Under the AIM Rules Brian Thompson is a substantial shareholder and is therefore a related party.
The directors of the Company, who are all independent of the Agreement consider, having consulted with its nominated adviser, that the terms of the Agreement are fair and reasonable insofar as shareholders are concerned.
Guy Meyer, Interim Chief Executive Officer commented: "I am pleased to report that new funding has been secured to support the Company's working capital position in the short term.
We look forward to updating the market on future progress in due course."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.
For further information please contact:
Catenae Innovation PLC | +44 (0)20 7929 7826 |
Guy Meyer, Interim Chief Executive Officer
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Cairn Financial Advisers LLP (Nominated Adviser) | +44 (0)20 7213 0880 |
Liam MurrayJo Turner |
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Turner Pope Investments (TPI) Limited (Broker) | +44 (0)20 3657 0050 |
Andrew Thacker Zoe Alexander |
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Yellow Jersey PR (PR & IR) | +44 (0)20 3004 9512 |
Sarah HollinsAnnabel Atkins |
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Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
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