News Column

Altitude Receives GBP2.0 Million Early Loan Repayment From Stridage

June 18, 2014

Samuel Agini

LONDON (Alliance News) - Altitude Group PLC Wednesday said it has received GBP2.0 million in cash from Stridage Holdings Ltd under the early settlement of loan notes it issued as part of the sale of its promotional marketing division to a management buyout team in 2011.

In a statement, Altitude said that it will receive a further GBP200,000 if Stridage is sold within the next 12 months, but will receive just half of that sum if a sale occurs in the year after that period ends.

Chairman Stephen Yapp said that the redemption of the loan notes, which had been due in 2016, provides Altitude with the resource to invest in its core technology and resources for the forseeable future.

The repayment was possible because the management buyout team refinanced their business. On May 28, alongside its final results, Altitude said that it agreed to a GBP400,000 reduction in the amount due as an early payment incentive and to help the management buyout team with the legal and professional fees needed to restructure their funding.

Altitude shares were Wednesday quoted at 15.00 pence, untraded.

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Source: Alliance News

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