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Altitude Group PLC (ALT)

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Wednesday 19 December, 2018

Altitude Group PLC

Debt Financing

RNS Number : 8990K
Altitude Group PLC
19 December 2018
 

ALTITUDE GROUP PLC

 (the "Company", the "Group" or "Altitude")

 

Debt Financing

 

Altitude Group plc (AIM: ALT), the operator of a leading marketplace for personalised products, announces that Customer Focus Interactive Imaging Ltd (trading as "Ad Products"), a 100 per cent. subsidiary of Company, has entered into a £750,000 invoice discounting facility with Investec Capital Solutions Limited (the "Facility").

 

The Facility is available over up to 85 percent of Ad Product's debtor book and attracts various platform and interest charges. The Board expects the facility to cost approximately £30,000 p.a. if fully utilised. The Facility relates to Ad Products only and there are no guarantees from any other Group companies.   

 

Nikki Stella, CEO of Altitude, commented: "We are delighted to have secured this facility as it will enable us to free up some working capital which we can more effectively utilise in the US as we continue to build traction with both distributor and supplier engagement on AIMPro."

 

Enquiries:

 

Altitude Group plc

Nichole Stella, Chief Executive Officer

Graeme Couturier, Chief Financial Officer

Peter Hallett, Non-Executive Chairman

 

+1 (215) 534 1350

07973 683234

07887 987469

finnCap ltd

Jonny Franklin-Adams (Corporate Finance)

Scott Mathieson (Corporate Finance)

Richard Chambers (ECM)

020 7220 0500

 




 


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