19 Apr 2022 07:00
IDE Group Holdings Plc
("IDE" or the "Company")
Loan Notes
On 8th December the Company announced a short-term loan of £1m from MXC to IDE Group Holdings. The arrangement called for the loan and interest to be repaid by March 31st or it would revert to the same terms as the existing loan notes. The loan was not repaid and accordingly the short-term loan has now adopted the same terms as the loan notes announced on 10th January 2019.
This brings the total potential indebtedness of the Company via these loan notes once matured to a total of £25,899,798. All loan notes remain covenant free. MXC has begun exploratory conversations with IDE Group, with a view to converting its loan notes into equity.
Contacts:
IDE Group Holdings Plc Andy Parker, Non-Executive Chairman
| Tel: +44 (0)344 874 1000 |
finnCap Limited Nominated Adviser and Broker Corporate finance: Jonny Franklin-Adams/ Abby Kelly ECM: Tim Redfern/ Richard Chambers | Tel: +44 (0)20 7220 0500 |