GeoJunxion (GOJXN.AS) is pleased to announce that it has reached an agreement with regards to an 18-month extension to its convertible loan
October 14 2021 - 12:30PM
GeoJunxion (GOJXN.AS) is pleased to announce that it has reached an
agreement with regards to an 18-month extension to its convertible
loan
Capelle aan den IJssel, The Netherlands - 14
October 2021 – GeoJunxion (GOJXN.AS) announces today that it
has reached an agreement with the holders of its convertible loan
to extend the duration for an additional 18 months, whilst leaving
the nominal interest rate unchanged.
The loan, with a principal amount of €1,27
million per 30 September 2021, bears an interest rate of 9% p.a.
(of which 3% is paid in cash and 6% paid in kind (PIK)). It
continues to be secured by a.o. a pledge on the IP owned by
GeoJunxion N.V. and a pledge on the shares of GeoJunxion B.V., the
main operating subsidiary. Under this new agreement, the
updated maturity date will be 3 August 2023, which is an extension
of 18 months to the current maturity date of 3 February 2022.
An overview of the other terms that were agreed
upon:
- At the maturity date and at the choice of the lenders, the loan
can be settled (i) by the conversion of (the initial principal
amount + cumulative PIK interests) into newly issued ordinary
shares of GeoJunxion NV, using a conversion rate of €1.50, or (ii)
by payment in cash of 125% of (the initial principal amount +
cumulative PIK interests).
- Renegotiation trigger: Should the share price trade below €1,50
or the 60-day moving average share price be below €1,50 on 3 May
2023 (3 months prior to maturity), the conversion rate can be
renegotiated in good faith.
- The loan can no longer be voluntarily prepaid.
- Change to the control clause, which refers to the loan becoming
due immediately, can also be triggered in case (i) Euronext
initiates proceedings to delist and (ii) a new significant
shareholder notification is received with holdings >30%.
Ivo Vleeschouwers, the company’s CEO stated: “I
am pleased with the ongoing support from the holders of the loan,
who are also shareholders in the company. It is a true
testimony of their confidence in the company, in its updated
strategic direction and the entire team, who has been working hard
every day to turn the company around, generate new growth and
improve results."
Signed by The Management Board
Ends
About GeoJunxion
GeoJunxion is the crossroads where fundamental,
location-aware content connects with superior, customised
intelligence and highly focused innovations to empower exceptional
experiences. With an emphasis on safety and sustainability, we are
constantly expanding our portfolio to meet the demands of a diverse
and fast-evolving market. Building on decades of experience in
mapping, the company focuses on high value, dynamic content and
building environmentally conscious applications, which enrich
safety in everyday life. With location-aware content at our core,
we know where our strengths lie and have the know-how and
technology needed to offer unrivalled, intelligent products and
services.
GeoJunxion NV is listed on the regulated market
of Euronext Amsterdam, under the symbol GOJXN.AS.
GeoJunxion Press
Contact
Caroline Bombart, Head of
Marketing
Tel: +31 (0)10 885 1200 Email:
caroline.bombart@geojunxion.com
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