Unsecured Loan For Working Capital
1 December 2020
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Unsecured Loan For Working Capital
CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has agreed a £400,000 Unsecured Loan from certain Directors for working capital to fund growth.
Reasons for the Loan
During the past six months CyanConnode has announced the deployment of several contracts which has increased working capital requirements. The Board has reviewed a number of funding options including a proposal by two of its Directors, John Cronin and Peter Tyler (the "Directors' Loan"). The Independent Directors (being the Directors other than John Cronin and Peter Tyler) consider that the most favourable terms available are those offered by the Directors. The Directors' Loan is unsecured and allows the Company to borrow £400,000 for a term of up to 12 months.
Trading Update
CyanConnode will publish its Interim Statement, for the six months ended 30 September 2020, during December 2020. In the meantime, the Company is pleased to confirm that revenue exceeded the same period last year by approximately 50%.
John Cronin, Executive Chairman, commented:
"CyanConnode has reached a pivotal point in the deployment of its products against recently won contracts. We are now shipping larger volumes than at any point in the Company's history. I am therefore pleased to be able to provide this loan for working capital to assist CyanConnode's future growth."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR)
Tel: +44 (0) 20 3004 9512
Sarah Hollins/ Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.
For more information, please visit www.cyanconnode.com
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