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Term Loan Agreement

30th Jun 2010 07:00

RNS Number : 4790O
Plethora Solutions Holdings PLC
30 June 2010
 



 

30 June 2010

 

Plethora Solutions Holdings plc

 

£1m Term Loan Agreement

 

Plethora Solutions Holdings plc (AIM: PLE, 'Plethora', 'The Company'), the UK-based speciality pharmaceutical company, announces thatit has entered into a £1 million, five year secured term loan with Capital For Enterprise Fund A L.P. ('CfE Fund').

 

Plethora intends to use these funds to provide working capital to accelerate the roll out of the Company's specialty pharmaceutical business, The Urology Company. The Urology Company was formed in late 2009 and has spent the first half of 2010 assembling a portfolio of products aimed at the uro-gynaecology market. Some of these have been launched and the remainder are expected to be launched in the second half of 2010.

 

The CfE Fund was established by the UK government in 2008 to provide credit facilities to smaller companies. Maven Capital Partners UK LLP acts as an agent to the CfE Fund in arranging and managing such facilities.

 

The principal terms of the loan include an interest rate of 10% per annum, the loan being repayable in full at the fifth anniversary of drawdown i.e. June 2015, the ability at the Company's option to repay part or all of the loan ahead of the maturity date, a premium payable upon repayment of the loan and the grant to the CfE Fund of a warrant to subscribe for up to a maximum of 3 per cent of the Company's fully diluted share capital which is capped at a lower amount in certain circumstances.

 

Bill Robinson, Non-Executive Chairman, said:

 

"Plethora is delighted to have secured this important tranche of additional working capital. The government's scheme was designed to help small companies such as Plethora to achieve their financial growth objectives in spite of the uncertainties in the market. The facility provides additional funds to the Company without having to turn to the equity markets and avoids further material dilution to shareholders at this time."

 

- ENDS -

Enquiries:

 

Plethora Solutions

Steven Powell/Ronald Openshaw

Tel : +44(0) 20 3077 5400

Hansard Communications

Kirsty Corcoran/John Bick

Tel: +44(0) 20 7245 1100

 

finnCap (Nominated Adviser and Broker)

Geoff Nash/Marc Young

Tel: +44(0) 20 7600 1658

 

 

The Company has been advised that, with effect from 30 April 2010, its Nominated Adviser and broker has changed its name to finnCap Ltd.

 

About Plethora:

 

Plethora is focused on the development and marketing of products for the treatment of urological disorders. The Urology Company is Plethora's marketing and distribution business, established in August 2009, to target the UK urology market. The Urology Company markets a range of proprietary, branded and generic pharmaceutical products, together with selected medical devices and nutritional supplements. Products are marketed directly to specialist prescribing physicians, retail pharmacies and directly to consumers.

 

In addition, Plethora has a portfolio of products at varying stages of development for the treatment of overactive bladder (PSD506), stress urinary incontinence (PSD503), interstitial cystitis (PSD597), gynaecological pain (PSD508), erectile dysfunction (PSD510 - 'Invicorp') and premature ejaculation (PSD502). Plethora is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE.L).

 

Further information is available at:

www.plethorasolutions.co.uk and www.theurologyco.com

 

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