IDE Group in Talks With Lender Over Possible Conversion of Loan Notes to Equity
19 Abril 2022 - 5:42AM
Dow Jones News
By Anthony O. Goriainoff
IDE Group Holdings PLC said Tuesday that it has begun
exploratory talks with MXC Capital Ltd., with the aim of converting
its loan notes to equity, after a one million pound ($1.3 million)
loan wasn't repaid.
The U.K. provider of network, cloud and information-technology
managed services said the short-term loan and its interest had to
be repaid by March 31. As it wasn't, the loan has reverted to the
same terms of one agreed upon in January 2019, the company
said.
On Jan. 10, 2019, the company said it would raise GBP10 million
via the issue of secured loan notes and an open offer and use the
funds to repay a debt of GBP8.3 million with National Westminster
Bank PLC, as well as additional working capital. The company said
then that the secured loan notes had a six-year term and an annual
coupon of 12%, an arrangement fee of 2.5% and an exit fee of 2.5%,
both payable at the end of term. It said then that the loan notes
were secured on the company's assets.
The company said Tuesday that its potential indebtedness via
loan notes once matured was now GBP25.9 million, and that all loan
notes remained covenant-free.
Shares at 0745 GMT were flat at 1.20 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 19, 2022 04:27 ET (08:27 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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