Last checked at 10 Dec 2020 13:30
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
10 December 2020
Starcom Plc
("Starcom" or the "Company")
New Loan Facility
Starcom (AIM: STAR), which specialises in the development of wireless, Internet-Of-Things (IoT) based solutions for the remote tracking, monitoring and protection of a variety of assets, announces that it has been granted a loan of NIS 1,000,000 (c.£230,000), under an Israeli government backed scheme, which has been established to support businesses during the COVID-19 pandemic (the "Loan"). The Loan follows a number of grants received by Starcom from the Israeli government during the last few months, totaling NIS 760,000 (c.£175,000).
The Loan is repayable over a five year period after the first year and attracts annual interest at a rate of 1.5 per cent over the Israeli Prime Bank Rate. The Loan is secured and Starcom will maintain a deposit of 5 per cent of the total principal amount on account with the lender.
Avi Hartmann, CEO of Starcom, commented: "I am delighted that the Company has been approved for this loan which demonstrates confidence in the prospects for Starcom despite the COVID-19 impact. We continue to discuss and negotiate new strategic relationships which we hope will show progress during 2021."
Enquiries:
Starcom Plc Michael Rosenberg, Chairman Avi Hartmann, CEO
|
07785 727595 +972 5477 35663 |
Allenby Capital Limited (Nominated Adviser and Joint Broker) Jeremy Porter/Asha Chotai - Corporate Finance Guy McDougall - Sales
| 020 3328 5656 |
Peterhouse Capital Limited (Joint Broker) Lucy Williams/Charles Goodfellow/Eran Zucker
| 020 7469 0930 |
Leander PR (Financial PR) Christian Taylor-Wilkinson
| 07795 168 157
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