9 Dec 2016 13:05
The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014
SCISYS PLC
(SSY: AIM)
Loan Note Programme: successful first issue - Related Party Transaction
SCISYS PLC ("SCISYS"; AIM SSY), the supplier of bespoke software systems, IT based solutions and support services to the media, broadcast, space, government, defence and commercial sectors, announced on 24 November 2016 the conditional acquisition of ANNOVA Systems GmbH.
The announcement indicated that a new loan note programme for interest bearing, second-ranking, non-convertible loan notes ("Loan Notes") of up to £5m was being established with Lesmoir-Gordon, Boyle & Co Limited, as part of the acquisition funding structure.
SCISYS is pleased to announce that the loan note programme was formally established on 29 November and that the first tranche of Loan Notes for €0.6m and £1.0m was successfully placed and issued on 9 December for a term of three years and at a coupon of 7 per cent.
Mike Love, Chairman of SCISYS, participated in the first issue of Loan Notes in the amount of £0.5m, which represents a related party transaction under the AIM Rules. The Board of SCISYS (excluding Mike Love) considers, having consulted with the Company's nominated adviser, finnCap Ltd, that Mike Love's participation in the Loan Notes is fair and reasonable insofar as the Company's shareholders are concerned.
For further information please contact:
SCISYS PLC | +44 (0)1249 466 466 | |
Mike Love | Chairman | |
Klaus Heidrich | Chief Executive Officer | |
Chris Cheetham | Finance Director |
|
finnCap (NOMAD & Broker) | +44 (0)20 7220 0500 | |
Julian Blunt | Corporate Finance | |
Mia Gardner | Corporate Broking |
|
WalbrookPR Tom Cooper/Paul Vann | +44 (0) 20 7933 8780 +44 (0)797 122 1972 tom.cooper@walbrookpr.com |
About SCISYS:
Employing nearly 450 staff, SCISYS group is a leading developer of Information and Communications Technology services, e-Business, web and mobile applications and advanced technology solutions. The Company operates in a broad spectrum of market sectors including Media & Broadcast, Space, Government and Defence and Commercial sectors. SCISYS clients are predominantly blue chip and public sector organisations. Customers include the Environment Agency, the Ministry of Defence, Airbus Defence & Space, Arqiva, Vodafone, the European Space Agency, Eumetsat, the BBC, RNLI, AON, Interflora and the National Trust. The Company has UK offices in Chippenham, Bristol, Leicester and Reading and two offices located in Germany. More information is available at www.scisys.co.uk