OneView Group PLC Additional Loan Facility (8879Q)
December 05 2016 - 2:45AM
UK Regulatory
TIDMONEV
RNS Number : 8879Q
OneView Group PLC
05 December 2016
5 December 2016
OneView Group plc
("OneView" or the "Company")
Additional Loan Facility
OneView (AIM: ONEV), one of the retail industry's leading
digital transformation software providers for in store customer
service, is pleased to announce that Lane Capital Group Limited
("LCG") has agreed to provide an additional loan facility of $1
million on similar terms to that of the existing $3m facility,
which is fully drawn. The loan will be used to cover short term
working capital needs around the Company's new business
contracts.
LCG is a significant shareholder in the Company and is wholly
owned by Gary Lane, a Non-Executive director, and his immediate
family. The new loan facility ("the Facility") is due for repayment
on 30 May 2017, and is convertible into ordinary shares in OneView
at the 10 day average mid-price prior to the 1 December 2016. The
conversion price will be reduced to the price at which any
subsequent equity is raised, if lower than the 10 day average. Hawk
Investment Holdings Limited ("Hawk") has agreed to contribute 50%
of the loan when it has sufficient funding available. Hawk is
controlled by the Morton Private Trust Company. Both Hawk and LCG
have undertaken not to convert amounts due under the Facility if
such conversion would result in either party holding more than
29.99% of the ordinary share capital of the Company. Under the
Facility, interest is payable at 12% per annum and the loan is
secured over the assets of the Company and certain assets of Stuart
Mitchell, CEO.
Given the significant shareholdings of LCG and Hawk and the
board position held by Gary Lane, the new Facility is deemed a
related party transaction under the AIM Rules for Companies. The
independent Directors (being all those other than Gary Lane),
having consulted with finnCap, consider that the terms of the new
Facility are fair and reasonable insofar as the Company's
shareholders are concerned.
Further Details:
OneView Group Tel: 01634
plc 673172
Stuart Mitchell,
CEO
Linda Palanza,
COO
Mark Wilson, Finance
Director
finnCap Limited Tel: 020 7220
0500
Geoff Nash
Kate Bannatyne
Stephen Norcross
(Broking)
Hybridan Tel: 020 3764
2341
Claire Noyce (Broking)
Newgate Communications Tel: 020 7653
9848
Bob Huxford
Lydia Thompson
This information is provided by RNS
The company news service from the London Stock Exchange
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