Altitude Group plc
(the "Group")
Repayment of 2016 Loan Notes
Further to the final results announcement on 28 May 2014, the Directors are pleased to confirm that the Company has received £2 million in cash from Stridage Holdings Limited ("Stridage") in relation to the early settlement of the loan notes due in 2016.
The loan notes were issued in part consideration for the sale of the Group's Promotional Marketing Division to an MBO team in 2011.
In the event that Stridage is sold within the next twelve months, a further amount of £200,000 will be receivable. The amount reduces to £100,000 if the sale were to occur within the following twelve months.
Stephen Yapp, Executive Chairman commented "I am delighted that we have concluded the loan note redemption which provides the Group with the resources to pursue its strategy of investing in the core technology and resources for the foreseeable future."
Contacts:
Altitude Group plc |
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Stephen Yapp (Executive Chairman) |
Tel: 07879 443087 |
Richard Sowerby (Chief Financial Officer) |
Tel: 07525 220876 |
WH Ireland Limited (Nominated Adviser and Broker) |
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Tim Feather |
Tel: 020 7220 1666 |
