27th Apr 2016 08:07
LONDON (Alliance News) - Cloud computing company Outsourcery PLC on Wednesday said it has agreed new terms on its working capital facility with Vodafone Group PLC, sending its shares surging.
Outsourcery shares more than doubled in price Wednesday morning, up to an intraday high of 7.85 pence and easily the best performer in the AIM All-Share. The stock was quoted at 6.80p, up 87% an hour after the market open.
The company said it has agreed terms on a new conditional drawdown working capital facility with Vodafone, the telecommunications giant and Outsourcery's principal lender.
No specific details on the facility were provided, but Outsourcery said the agreement will provide sufficient additional funding to allow the company realise its principal assets in the immediate term.
The new facility will be subject to a number of terms, Outsourcery said, including the appointment of a non-executive director.
By Sam Unsted; [email protected]; @SamUAtAlliance
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