Plexure Group Limited (PLX) Investor Update
9:55am, 14 Jul 2017 | GENERAL
When comparing the Company’s Q1 2018 performance to Q1 2017 revenue has grown by 41%, while over the same period costs have decreased by 18%. This has led to the Company making a small profit at the EBITDA level for the first quarter, the first time this has been achieved. Along with further changes as a result of the recently announced re-structure, Plexure continues to improve its position and is on track to be cash flow positive by the end of the calendar year.
The Company is looking to raise a maximum of $1.9m via a share placement at a price of 10c. Based on current forecasts, the Company does not anticipate needing to raise further capital to get to a cash flow positive position. We already have 50% of the raising committed. The placement is underway with discussions occurring with eligible investors and brokers in New Zealand and Australia
The Company currently has $1.6m convertible notes that attract an interest rate of 8%. These notes are convertible at the option of holders at a price of $0.28 or are repayable to noteholders. The conversion date is 3 November 2017.
The Company has begun conversations with noteholders to extend the conversion date until March 2019. In return for the extension and interest being stopped, the convertible note is being repriced from $0.28 to $0.12. At this stage over 70% of the note holders have signed or verbally accepted these terms.
For more information please contact:
Andrew Dalziel, CFO Plexure
Mobile: +64 27 6777 575
Email: [email protected]