Last checked at 11 Jul 2023 07:00
11 July 2023
Ondo InsurTech Plc
("Ondo" or "the Company")
Ondo InsurTech agrees Loan Note restructuring to support rapid growth.
Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that it has agreed a restructuring of its 5-year loan notes with its largest shareholder, Homeserve Assistance Limited ("Homeserve"), providing additional non-dilutive financing flexibility for continued rapid roll-out of the LeakBot system.
These loan notes, which are interest-free until 21 March 2024 form part of the consideration for the acquisition of the Leakbot business from Homeserve as set out in the prospectus dated 21 March 2022.
The key elements of this restructuring are:
· Interest due from 31 March 2024 to 31 March 2025 rolled up and deferred.
· First repayment of principal deferred from 31 March 2025 to 31 March 2026
· Final redemption extended by 1 year to 31 March 2029
· Interest rate increased from 10% to 12% from 31 March 2024
The loan notes remain redeemable by Ondo by refinancing or repayment with 10 days' notice.
Craig Foster, CEO of Ondo InsurTech Plc, says: "The financial flexibility provided by these terms granted by our largest shareholder supports our accelerated drive to profitability as we initiate contract roll-outs in Denmark, Sweden, the UK and the USA."
Enquiries
For further information, please visit www.ondoplc.com or contact the following:
Ondo InsurTech Plc Craig Foster, Chief Executive Office
|
+44 (0) 800 783 9866 |
Broker SI Capital Ltd Nick Emerson Jon Levinson |
+44 (0) 1483 413500 +44 (0) 20 3143 0600 |
Public & Investor Relations Cassiopeia Services Ltd Stefania Barbaglio |
+44 (0) 7949 690338 |
About Ondo InsurTech Plc
Ondo InsurTech Plc is on a mission to become the world's leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app, and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.
LeakBot partners with 13 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.
In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO) and Ondo was subsequently awarded the LSE's Green Economy Mark recognising Ondo a business that contributes to the Green Economy