Last checked at 24 Mar 2009 16:20
eXpansys plc
("eXpansys" or the "Company")
Credit Facility
The Company announces that it has today entered into a credit facility ("Arrangement") with Data Select Limited ("Data Select") for up to £1.25 million. The Arrangement is secured by way of a fixed and floating charge debenture between the Company and Data Select.
Data Select is a subsidiary of Phones International Group Limited. Given that the Virtual Phone Shop Limited, a substantial shareholder in eXpansys, is also a subsidiary of Phones International Group Limited, the Arrangement falls within the definition of related parties under the AIM Rules. The Directors, having consulted with Cenkos Securities plc as the Company's Nominated Adviser, consider the terms of this transaction are fair and reasonable insofar as the Company's Shareholders are concerned. In being consulted, Cenkos Securities has relied on the Directors' commercial assessment of the transaction.
For further information, please contact:
| eXpansys plc | Tel: +44 (0) 7973 629916 |
| Roger Butterworth, CEO | roger@expansys.com |
| Investor relations website | www.expansys.com/investor.aspx |
| Cenkos Securities plc | Tel: +44 (0) 20 7397 8926 |
| Stephen Keys | skeys@cenkos.com |
| Rawlings Financial PR Limited | Tel: +44 (0) 1653 618 016 |
| Catriona Valentine | catriona@rawlingsfinancial.co.uk |
About eXpansys
The Group specialises in the sale of handheld electronic devices with wireless connectivity and boasts a wide offering ranging from smartphones and ultra mobile personal computers, to cameras and GPS equipment. eXpansys operates some 50 websites in 12 different languages, operating in 16 currencies.
Based in Manchester, eXpansys has grown both organically and through acquisition and has a global infrastructure that allows it to service its international customer base through a network of warehouses in the UK, France, USA and Hong Kong.