8th Mar 2018 12:33
The notes - entered into by Tune Assets Ltd, Upland Chairman Norza Zakaria and clients of Optiva Securities - will allow Upland to draw down sums at short notice.
Under the loan note agreement, Upland may draw down the notes at any time it chooses and may repay any drawn notes without penalty. No fees and no interest is payable and final repayment is due in June 2020.
"The convertible loan notes facility provides Upland with added funding flexibility at low cost and minimal dilution to existing shareholders," Upland Chief Executive Officer Steve Staley said.
"This flexibility allows Upland to pick the right time to draw funds and in amounts that can be matched to needs. The board believes that this Facility compares very favourably with other arrangements currently available in the market that seek to provide the same flexibility. It also serves to underline the commitment of our cornerstone shareholders to the company," Staley added.
Shares in Upland were 6.9% higher at
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