CyanConnode Holdings PLC Unsecured Loan For Working Capital (0734H)
December 01 2020 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 0734H
CyanConnode Holdings PLC
01 December 2020
1 December 2020
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Unsecured Loan For Working Capital
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce that it has agreed a GBP400,000 Unsecured Loan from
certain Directors for working capital to fund growth.
Reasons for the Loan
During the past six months CyanConnode has announced the
deployment of several contracts which has increased working capital
requirements. The Board has reviewed a number of funding options
including a proposal by two of its Directors, John Cronin and Peter
Tyler (the "Directors' Loan"). The Independent Directors (being the
Directors other than John Cronin and Peter Tyler) consider that the
most favourable terms available are those offered by the Directors.
The Directors' Loan is unsecured and allows the Company to borrow
GBP400,000 for a term of up to 12 months.
Trading Update
CyanConnode will publish its Interim Statement, for the six
months ended 30 September 2020, during December 2020. In the
meantime, the Company is pleased to confirm that revenue exceeded
the same period last year by approximately 50%.
John Cronin, Executive Chairman, commented:
"CyanConnode has reached a pivotal point in the deployment of
its products against recently won contracts. We are now shipping
larger volumes than at any point in the Company's history. I am
therefore pleased to be able to provide this loan for working
capital to assist CyanConnode's future growth."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins/ Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio
Frequency (RF) Smart Mesh Networks, which are used for machine to
machine (M2M) communication. As well as being self-forming and
self-healing, CyanConnode's RF Smart Mesh Networks are designed for
rapid deployment, whilst giving exceptional performance and
competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh
Advanced Metering Infrastructure (AMI) platform, which has already
gained considerable commercial traction, especially in India which
is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic,
CyanConnode has several routes to market, therefore it is well
positioned to capitalise upon increasing Global demand for smart
metering solutions.
For more information, please visit www.cyanconnode.com
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