TIDMTOOP

RNS Number : 3606G

Toople PLC

29 March 2022

For release at 07.00, 29(th) March 2022

Toople PLC

("Toople" or the "Company")

Debt Funding

Toople, a provider of bespoke telecom services to UK SMEs, is pleased to announce it has received commitments for convertible loans of GBP300,000 from private investors and existing shareholders. The loans have an interest rate of 10% and fall due in January 2023, can be converted at any time at the lenders' election at the rate of 125% of the loan amount converted with a 10% discount of the average of the two lowest Volume Weighted Average Prices in respect of Ordinary Shares during the 20 business days immediately preceding the date of the Conversion Notice. In addition, lenders will receive warrants equal to 100% of the number of ordinary shares issued at conversion exercisable at the conversion price anytime up until 28 March 2024.

The loans provide the company with working capital to move towards profitability whilst the Board is also exploring EBITDA enhancing M&A opportunities. A current business and trading update will be released to coincide the Company's Annual General Meeting (AGM) to be held on 31(st) March 2022.

Andy Hollingworth CEO commented:

"This non-dilutive funding is another positive step for the Company and shows strong support from existing shareholders and debt providers, who share our vision of driving the business forward. We intend to capitalise on the opportunities that are presenting themselves as the SME market in the UK continues to reopen after the hiatus caused by the COVID-19 restrictions. We look forward to providing a more detailed update on the business and its progress at the time of our AGM."

-ends-

For further information please visit www.toopleplc.co.uk or contact:

 
 Toople PLC                            Tel: 0800 0499 499 
  Andy Hollingworth, Chief Executive 
  Officer / 
  Paul White, Chief Financial 
  Officer 
 Novum Securities Limited              Tel: 020 7399 9400 
  David Coffman 
  Colin Rowbury 
 Belvedere Communications              Tel: 020 3687 2754 
  John West 
  Llew Angus 
 

About Toople PLC

Toople PLC is incorporated in the UK and listed on the main market of the London Stock Exchange. The business currently trades under four main brands: toople.com; dmsluk.co.uk; broadbandandphones.co.uk; checkthatcompany.co.uk. Toople.com provides bespoke telecoms services for its fast growing target market of UK SMEs with between one and 500 employees. Services offered by the Group include business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and Traditional Services (calls and lines) all of which are delivered and managed via the Group's proprietary software platform. The Group's wholly owned subsidiary DMS Holding (DMSL) provides unified communication services in the UK ranging from a single phone line to a multi-site unified comms VoIP platform, delivered via a network of telecoms and IT carriers and content providers across the UK including BT Business, BT Global Services, Gamma, EE, Vonage, TalkTalk Business and O2. DMSL acts as a BT Premier re-seller for broadband connectivity, mobile and fixed voice and cloud services and is responsible for over 250,000 BT customers and over 400,000 Revenue Generating Units. The Company also owns a telecoms price comparison website and a service offering company credit reference checking and reports. These complement the Group's IT and telecoms services.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FURBKCBKPBKKONB

(END) Dow Jones Newswires

March 29, 2022 02:01 ET (06:01 GMT)

Toople (LSE:TOOP)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Toople.
Toople (LSE:TOOP)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Toople.