New funding secured

20 Dec 2007 15:25

Cashbox PLC20 December 2007 Cashbox PLC20 December 2007 Cashbox PLC ("Cashbox" or "Company") Cashbox PLC secures funding from MBC Investments Ltd and reschedules Bank of Scotland facility Cashbox, the UK ATM provider, today announces that it has secured £1 million infunding from MBC Investments Ltd. The funding is to be provided in two tranches.The first tranche is a convertible unsecured loan, available immediately, forthe sum of £583,788. The second is a non-convertible unsecured loan of £416,212which is available for draw down from 31 March 2008. Both tranches of the loan mature on 31 March 2009. The convertible tranche, ifit is not repaid prior to 31 March 2008, is convertible on or after that dateinto ordinary shares in Cashbox at a conversion rate of 5p per ordinary share.As a result of this, 11,675,760 new ordinary shares have been reserved forissue. The new loans have been arranged in conjunction with a rescheduling of theCompany's Bank of Scotland facility, whereby the existing £8m facility is to bereduced to £6m and the drawdown period is to be extended from March 2008 toDecember 2008. The debt repayment originally agreed to start March 2008 has beenrescheduled to commence December 2009. The CEO of Cashbox, Ciaran Morton commented, "Our path to profitability isgoverned by the speed at which we can attain critical mass and this additionalfunding will enable us to continue to install ATMs at an accelerated rate". For further information:Cashbox PLC 01256 441000David Auger, CFO Threadneedle Communications 020 7936 9606Josh Royston/Graham Herring Seymour Pierce 020 7107 8000Jonathan Wright This information is provided by RNS The company news service from the London Stock Exchange