BGBL Bglobal

TIDMBGBL

RNS Number : 7311Z

Bglobal PLC

11 February 2014

BGLOBAL PLC

("Bglobal" or the "Company" or the "Group")

DEFERRAL OF REPAYMENT OF CONVERTIBLE LOAN

Bglobal plc (AIM: BGBL), the leading provider of smart energy solutions and services to the UK energy market is pleased to announce that it has agreed a deferral of the convertible loan note that was due for repayment on 10 February 2014.

On 11 February 2009 the Company entered into a GBP1 million convertible loan note (the "Loan") with Synergy Capital Limited ("Synergy"). The amount outstanding under the Loan is currently GBP950,000 plus outstanding interest for this calendar quarter and the Loan is due for redemption on 10 February 2014. Synergy is now in liquidation and the Company has agreed with the liquidators to defer repayment of the Loan.

Under the terms of the deferral, the sum of GBP250,000 will be paid on 11 February 2014 and 4 monthly instalments of GBP50,000 will then be made commencing 11 March 2014 with the then outstanding balance of the Loan being repayable in full on 11 July 2014. Interest on the outstanding balance of the Loan from 11 February 2014 will run at 10% per annum (previously 8% per annum) with such interest being payable on a quarterly basis in arrears. The Loan is convertible at Synergy's option at any time up to and including 11 July 2014 into fully paid ordinary shares in the Company at a conversion price of 17 pence per ordinary share.The Company has the right to make early repayment of the Loan note on 30 days' notice at any time during the term of the Loan and, in that event, Synergy has the right to convert its loan notes into ordinary shares at the conversion price of 17 pence per share.

Tim Jackson-Smith, Group Chief Executive Officer commented: "We are delighted to have agreed a deferral of the loan as this gives the Group a significant boost to its cash flow. We are currently making good progress on the sale of our Metering business and are in detailed and advanced discussions with a number of interested parties, which we will update shareholders on in due course."

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For further information, please visit www.bglobalplc.com or contact:

 
 John Grant Executive,   Mark Taylor 
  Chairman 
 Tim Jackson-Smith,      Charles Stanley     Dwight Burden 
  CEO                     Securities 
 Bglobal plc             Nominated Adviser   RedLeaf 
 Tel: 01254 819 600      Tel: 020 7149       Tel: 0207 382 
                          6000                4735 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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