Discretionary working capital facility
18 Noviembre 2010 - 1:00AM
UK Regulatory
TIDMVYKE
RNS Number : 3874W
Vyke Communications PLC
18 November 2010
18 November 2010
Vyke Communications plc
("Vyke" or the "Company")
Discretionary working capital facility
Vyke Communications plc (AIM: VYKE), the mobile Voice over Internet Protocol
provider, announces that following the successful conclusion of discussions with
BLS Telecom LLC ("BLS") as announced on 30 September 2010, it has entered into a
discretionary working capital facility with BLS (the "Working Capital
Facility").
The terms of the Working Capital Facility enable Vyke to drawdown up to US$
500,000 in tranches, subject to BLS's discretion. Interest will accrue on any
sums advanced to Vyke under the Working Capital Facility at the rate of 8% per
annum and will be payable on the date the repayment of the Working Capital
Facility in full. Subject to earlier repayment as a result of certain specified
events of default, including if Mohammad Asif (or another director appointed by
Bonjour Europe Limited ("Bonjour") under the joint venture agreement entered
into between Bonjour and Vyke on 11 July 2010 (the "Joint Venture Agreement"))
ceases to be the CEO of Vyke or the Joint Venture is terminated, the Working
Capital Facility is repayable on 17 February 2011.
Given BLS's relationship with the Company, the Working Capital Facility is
considered to be a related party transaction pursuant to Rule 13 of the AIM
Rules for Companies. The Company's directors (with the exception of Leonard
Carone, Sumeet Bhatt and Bob Passantino who are each senior managers of BLS),
having consulted with the Company's nominated adviser, Allenby Capital Limited,
consider that the terms of the transaction are fair and reasonable insofar as
the Company's shareholders are concerned.
Mohammad Asif, Chief Executive of Vyke, said: "We are delighted that the Board
of BLS continues to show its commitment to Vyke further demonstrating its belief
that Vyke has an attractive platform through which BLS intends to direct
telecoms traffic. We have now concluded extensive and successful testing of
these services. Bonjour (through BLS and its affiliates) is determined to
deliver on its obligations under the joint venture agreement and Vyke looks
forward to being in a position to provide further updates to the market at the
appropriate time."
----ends----
- For further information please contact: Vyke Communications plc
+----------------------------+-------------------------------+
| Vyke Communications | |
| Mohammad Asif, Chief | +44 20 3137 1560 |
| Executive | |
| | |
+----------------------------+-------------------------------+
| | |
+----------------------------+-------------------------------+
| Allenby Capital Limited | +44 20 3328 5656 |
+----------------------------+-------------------------------+
| Nominated Adviser | |
| Brian Stockbridge / Alex | |
| Price | |
+----------------------------+-------------------------------+
| | |
+----------------------------+-------------------------------+
| | |
+----------------------------+-------------------------------+
| Threadneedle | +44 20 7653 9850 |
| Communications | |
+----------------------------+-------------------------------+
| Graham Herring / Terry Garrett |
+----------------------------+-------------------------------+
About VYKE
Vyke Communications plc is a mobile Voice over Internet Protocol ("VoIP")
provider and is headquartered in the UK.. The strategic goal of Vyke is to
combine its expertise in VoIP-based communication systems, mobile data service
creation/handset technology and wholesale carrier network management to provide
a converged communication solution. Vyke's current set of mobile-oriented
products offers up to a 98% discount compared to current typical mobile operator
pricing structures.
About VYKE MOBILE IP
Vyke Mobile IP is the leading mobile-oriented Voice over IP (VoIP) service
offering users up to 98% discount compared to typical mobile operator pricing
structures. One of the first mass market mobile VoIP services, launched in April
of 2006, Vyke Mobile IP features mobile oriented sign-up steps, automatic
configuration services and pricing.
About the VYKE product suite
The Vyke suite of communication products features advanced services providing
users with low cost, mobile operator/fixed line provider independent ways of
making voice calls and sending text messaging from the mobile phone, PC and
internet.
Please visit www.vyke.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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