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Receipt of US$384,000 loan and Issue of Equity

11th Feb 2013 14:40

RNS Number : 6198X
SerVision plc
11 February 2013
 



SerVision PLC

("SerVision" or the "Company")

 

Receipt of US$384,000 loan and Issue of Equity

 

SerVision (AIM: SEV), the AIM listed leading developer and manufacturer of digital security systems, announces that it has been granted a US$384,000 loan from Mercantile Discount Bank (the "Loan"). The Loan was granted to SerVision on 23 December 2012 and is for a term of 5 years. Interest payable on the Loan is calculated at 1.75% above the prevailing Israeli Bank Prime rate and is payable monthly. The Israeli Bank Prime rate is currently 3.25%. The Loan has been guaranteed by the Israeli Ministry of Industry, Trade & Labor. The proceeds of the Loan will be used by the Company for general working capital purposes.

 

In addition the Company announces that it has issued 97,561 new ordinary shares of 1p each (the "New Ordinary Shares") in lieu of certain adviser fees. The New Ordinary Shares have been issued at a price of 6 pence per New Ordinary Share.

 

Application will be made for admission of the 97,561 New Ordinary Shares to trading on AIM ("Admission") and it is anticipated that Admission will occur on or around 18 February 2013.

 

On Admission the total enlarged issued share capital of SerVision will be 55,366,482 ordinary shares of 1p each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

 

 

-ends-

 

SerVision plc

+972 2535 0000

Gidon Tahan, Chairman and CEO

 

Allenby Capital Limited (Nominated Adviser and Broker)

+44 (0)20 3328 5656

Nick Athanas / James Reeve

 

Leander (Financial PR)

+44 (0)7795 168 157

Christian Taylor-Wilkinson

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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