Last checked at 28 Jan 2016 11:31
eServGlobal Limited ("eServGlobal" or the "Company")
Drawdown of second advance under Loan Facility from Substantial Shareholder
28 January 2016
eServGlobal (LSE: ESG & ASX: ESV), the provider of end-to-end mobile financial services to emerging markets, advises that it has received the second advance in the amount of £2.5M under the Loan Facility announced on 5 October 2015. The Loan Facility is now fully drawn in the amount of £5M. The Company is also presently indebted to the Lenders for £5M under the Existing Loan, thus the total indebtedness of the Company to the Lenders is £10M at the date of this announcement.
The Lenders, the Alphagen Volantis Fund Limited and the Alphagen Volantis Catalyst Fund Limited, acting through its investment manager, Alphagen Capital Limited (formerly known as Henderson Alternative Investment Advisor Limited), part of Henderson Global Investors agreed to the drawdown following shareholder approval being obtained for the granting of the Company's assets as collateral for the Loan Facility and the Existing Loan on the terms described in the Explanatory Memorandum to the Company's Notice of Meeting dated 18 December 2015.
There has been no variation to the terms of the Loan Facility or any other arrangement between the Company and the Lenders and there has been no new agreement between the Company and the Lenders incidental to the drawdown of the second advance. The National Australia Bank has not provided its consent to security being granted to the Lenders and accordingly the Lenders are currently, and will remain, unsecured creditors of the Company until the National Australia Bank provides its consent, which the Directors do not expect it to do, or the current loan from the National Australia Bank is discharged.
The funds advanced will be applied partly towards working capital requirements and also to repay the National Australia Bank loan of A$3.0M. The Directors continue to expect that the National Australia Bank will require repayment of the loan at the end of the current term, being 31 March 2016.
For further information, please contact:
eServGlobal | www.eservglobal.com |
Tom Rowe, Company Secretary | T: +61 2 8014 5050 investors@eservglobal.com
|
Canaccord Genuity Limited (Nomad and Broker) Simon Bridges / Cameron Duncan / Emma Gabriel | www.canaccordgenuity.com T: +44 (0) 20 7523 8000 |
About eServGlobal
eServGlobal (AIM:ESG, ASX:ESV) offers mobile money solutions which put feature-rich services at the fingertips of users worldwide, covering the full spectrum of mobile financial services, mobile wallet, mobile commerce, recharge, promotions and agent management.
For more than 30 years, eServGlobal has been a source of innovation for telcos and financial institutions. Using carrier-grade, next-generation technology, eServGlobal aligns with the requirements of customers around the globe.
Together with MasterCard and BICS, eServGlobal is a joint venture partner of the HomeSend global payment hub, enabling cross-border money transfer between mobile wallets, cards, bank accounts or cash outlets from anywhere in the world.