27 Oct 2008 07:00
| Press Release | 27 October 2008 |
Interactive Prospect Targeting Holdings Plc
("IPTH")
Amendment to the terms of IPTH's existing bank loan
Interactive Prospect Targeting Holdings Plc (AIM:IPT) announces that, further to its announcement on 29 September 2008, it has now entered into agreements that amend the terms of IPTH Group's existing secured loan of €6.5 million with Barclays Bank PLC (the "Bank").
A summary of the new arrangements, as previously announced, is set out below.
| The loan is to be repaid in four equal instalments from October 2009 to April 2011. |
| A re-scheduling fee of 10 per cent. of the loan is to be added to the principal loan and is payable in October 2011. |
| The loan and re-scheduling fee incur an interest rate of 5% over Euro Libor, reducing to 2.5 per cent. over Euro Libor once €3.25 million principal has been repaid. |
| A penalty will be incurred if €3,250,000 principal is not repaid by 31 March 2009. The penalty will be calculated as 10 per cent. of the sum of €3,250,000 less principal payments to 31 March 2009. Any penalty arising would be added to the principal and payable in October 2011. |
| The Bank will receive warrants to subscribe at par up to a maximum of 3 million shares in IPTH. These are exercisable at any time before 31 March 2012. |
| There is a prohibition on payment of dividends by IPTH until the loan is repaid in full. |
The loan continues to be secured and to be repayable in the event of a change of control.
-Ends-
For further information:
| IPTH | |
| Nicholas Ward, Executive Chairman | Tel: +44 (0) 20 7932 4912 |
| Canaccord Adams | |
| Mark Williams / Eli Colby, Corporate Finance | Tel: +44 (0) 20 7050 6500 |
| eli.colby@canaccordadams.com | www.canaccordadams.com |
Media enquiries:
| Abchurch | |
| Charlie Jack / Jack Ballantyne | Tel: +44 (0) 20 7398 7714 |
| jack.ballantyne@abchurch-group.com | www.abchurch-group.com |