Amendment To The Terms Of Convertible Loan Stock

RNS Number : 5266I

Sopheon PLC

02 June 2014

 



Embargoed Release: 07:00hrs Monday 2 June 2014

SOPHEON PLC

AMENDMENT TO THE TERMS OF CONVERTIBLE LOAN STOCK

Sopheon plc ("Sopheon" or "the Group") announces that it has reached agreement with the holders of its convertible loan stock to defer maturity from 31 January 2015, to 31 January 2017.

In 2009 and 2011, the Company issued a total of £2m of convertible unsecured loan stock (the "Loan Stock") to a group of investors including key members of the Board and senior management team. The Loan Stock was due to mature on 31 January 2015.  The holders of the Loan Stock have now agreed to extend the maturity date of the loan stock by two years, to 31 January 2017. The extension is coupled with modification of the conversion price of the Loan Stock to 76.5p per ordinary share, being the closing mid market price on AIM on Friday, 30 May 2014.  

As a result of 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 2014.

The extension of the maturity date and modification of the conversion price of the Loan Stock constitute a related party transaction for the purposes of AIM Rule 13. In accordance with the AIM Rules for Companies, Daniel Metzger, having consulted with the Company's Nominated Adviser, finnCap Limited, has acted as independent director with respect to this transaction and considers that the amendments to the terms of the Loan Stock are fair and reasonable insofar as the Company's shareholders are concerned.

For further information contact:

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

About Sopheon. Sopheon (LSE: SPE) partners with customers to provide complete Enterprise Innovation Performance solutions including software, expertise, and best-practices to achieve exceptional long-term revenue growth and profitability.  Sopheon's Accolade^® solution provides unique, fully-integrated coverage for the entire innovation management and new product development lifecycle.  For the first time, businesses can access a single source of the truth across strategic innovation planning, roadmapping, idea and concept development, process and project management, portfolio management and resource planning.  Sopheon's solutions have been implemented by over 200 customers with over 60,000 users in over 50 countries. Sopheon is listed on the AIM Market of the London Stock Exchange and on the Alternext Exchange in the Netherlands.  For more information, please visit www.sopheon.com

 

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