Last checked at 29 Mar 2022 07:00
For release at 07.00, 29th March 2022
Toople PLC
("Toople" or the "Company")
Debt Funding
Toople, a provider of bespoke telecom services to UK SMEs, is pleased to announce it has received commitments for convertible loans of £300,000 from private investors and existing shareholders. The loans have an interest rate of 10% and fall due in January 2023, can be converted at any time at the lenders' election at the rate of 125% of the loan amount converted with a 10% discount of the average of the two lowest Volume Weighted Average Prices in respect of Ordinary Shares during the 20 business days immediately preceding the date of the Conversion Notice. In addition, lenders will receive warrants equal to 100% of the number of ordinary shares issued at conversion exercisable at the conversion price anytime up until 28 March 2024.
The loans provide the company with working capital to move towards profitability whilst the Board is also exploring EBITDA enhancing M&A opportunities. A current business and trading update will be released to coincide the Company's Annual General Meeting (AGM) to be held on 31st March 2022.
Andy Hollingworth CEO commented:
"This non-dilutive funding is another positive step for the Company and shows strong support from existing shareholders and debt providers, who share our vision of driving the business forward. We intend to capitalise on the opportunities that are presenting themselves as the SME market in the UK continues to reopen after the hiatus caused by the COVID-19 restrictions. We look forward to providing a more detailed update on the business and its progress at the time of our AGM."
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For further information please visit www.toopleplc.co.uk or contact:
Toople PLC Andy Hollingworth, Chief Executive Officer / Paul White, Chief Financial Officer
| Tel: 0800 0499 499 |
Novum Securities Limited David Coffman Colin Rowbury
| Tel: 020 7399 9400 |
Belvedere Communications John West Llew Angus
| Tel: 020 3687 2754 |
About Toople PLC
Toople PLC is incorporated in the UK and listed on the main market of the London Stock Exchange. The business currently trades under four main brands: toople.com; dmsluk.co.uk; broadbandandphones.co.uk; checkthatcompany.co.uk. Toople.com provides bespoke telecoms services for its fast growing target market of UK SMEs with between one and 500 employees. Services offered by the Group include business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and Traditional Services (calls and lines) all of which are delivered and managed via the Group's proprietary software platform. The Group's wholly owned subsidiary DMS Holding (DMSL) provides unified communication services in the UK ranging from a single phone line to a multi-site unified comms VoIP platform, delivered via a network of telecoms and IT carriers and content providers across the UK including BT Business, BT Global Services, Gamma, EE, Vonage, TalkTalk Business and O2. DMSL acts as a BT Premier re-seller for broadband connectivity, mobile and fixed voice and cloud services and is responsible for over 250,000 BT customers and over 400,000 Revenue Generating Units. The Company also owns a telecoms price comparison website and a service offering company credit reference checking and reports. These complement the Group's IT and telecoms services.