T42 IOT Tracking Solutions PLC Update re Convertible Loan Notes (3441X)
20 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMTRAC
RNS Number : 3441X
T42 IOT Tracking Solutions PLC
20 December 2023
20 December 2023
t42 IoT Tracking Solutions Plc.
("t42", the "Company" or the "Group")
Update re Convertible Loan Notes
On 22 December 2021 the Company entered into a convertible loan
note agreement with a number of existing and new investors
("Lenders") for a total subscription of GBP925,000 unsecured
convertible loan notes ("CLNs").
The CLNs attract interest at 8% per annum, payable quarterly in
arrears, and are convertible into new ordinary shares of the
Company at a price of 15p per share. The CLNs are not capable of
conversion if to do so would breach rule 9 of the Takeover Code.
The CLNs have an expiration and repayment date of 31 December 2023.
The CLNs are unsecured.
While the Company notes the current maturity date of 30 December
2023, it is in advanced negotiations to extend the repayment date
of the CLN with the Lenders , who have indicated their willingness
to do so, subject to final terms. A further announcement will be
made once such agreement is finalised.
Contacts:
t42 IoT Tracking Solutions PLC Michael Rosenberg, Chairman 07785 727595
Avi Hartmann, CEO +972 5477 35663
Strand Hanson Limited (Nominated Adviser and Financial Adviser)
020 7409 3494
James Harris/ Richard Johnson/ Robert Collins
Peterhouse Capital Limited 020 7469 0930
Lucy Williams/ Charles Goodfellow/ Eran Zucker
t42 IoT Tracking Solutions plc (AIM: TRAC), formerly Starcom
Systems plc, provides real-time tracking, analysis, monitoring, and
security IoT solutions for the global container and freight market
and covers 55 countries, over 100 distributors, and 50 logistics
and support partners.
t42's multi-sensor IoT tracking devices use a wide range of
detection capabilities with cloud-based analytics and alerts, with
real-time data transmission, analysis, and actionable insights. Its
devices are used by ports, cargo owners, shipping companies,
freight forwarders, insurance companies, customs authorities,
homeland security, and police for end-to-end global container
tracking and digital transformation of shipments.
For more information on the Company, please visit:
https://www.t42.co.uk/
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
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END
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