Amendment to terms of Convertible Loan Stock

RNS Number : 3211D

Sopheon PLC

15 May 2012

 



Embargoed Release: 07:00hrs 15 May 2012

SOPHEON PLC

("Sopheon" or the "Company")

AMENDMENT TO THE TERMS OF CONVERTIBLE LOAN STOCK

Sopheon plc, the international provider of software and services that improve the financial return from innovation and product development investments, announces that it has reached agreement with the holders of its convertible loan stock to defer maturity from 31 January 2013, to 31 January 2015.

In 2009, the Company issued £850,000 of convertible unsecured loan stock (the "Loan Stock") to a group of investors including key members of the Board and senior management team, maturing on 2 October 2011.  In December 2010, the Company announced that the holders had agreed to extend the maturity date to 31 January 2013. The holders of the Loan Stock have now agreed to extend the maturity date of the loan stock by a further two years, to 31 January 2015. The extension is coupled with modification of the conversion price of the loan stock from 7.75p per ordinary Sopheon share, to 5.00p per share. This price is 0.25p above yesterday's closing market price of 4.75p per share.

Thanks to this extension, the loan stock will continue to be classified as a long-term liability in the Company's balance sheet to be drawn up at 30 June 2012.

In accordance with the AIM Rules for Companies, Daniel Metzger, having consulted with the Company's Nominated Adviser, finnCap, has acted as independent director with respect to this transaction and considers that the amendment to the terms of the convertible loan stock are fair and reasonable insofar as the Company's shareholders are concerned.

For further information contact:

Barry Mence, Chairman	Sopheon plc	Tel :         + 44 (0) 1483 685 735
Arif Karimjee, CFO	Sopheon plc	Tel :         + 44 (0) 1483 685 735
Charlotte Stranner/ Henrik Persson/ Victoria Bates	finnCap	Tel:          +44  (0) 20 7600 1658
Guy McDougall/Heather Armstrong	Newgate Threadneedle	Tel :         + 44 (0) 20 7653 9842
Claire Verhagen	Citigate First Financial	Tel :         + 31 (0) 205 754 010

About Sopheon

Sopheon (LSE: SPE) is an international provider of software and services.  Sopheon's solutions structure, align and manage innovation processes to help organizations generate more revenues and profits from new products. Sopheon's solutions are used by industry leaders throughout the world, including BAE Systems, BASF, Corning, Electrolux, Honeywell, Novartis and SABMiller.  Sopheon is listed on the AIM Market of the London Stock Exchange and on the Euronext in the Netherlands.  For more information, please visit www.sopheon.com. 

 

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