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Trading update and extension of loan note

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RNS Number : 3607L
21st Century Technology PLC
24 December 2018
 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

24th  December 2018

21st Century Technology plc

 

("21st Century" or the "Company")

 

 

Trading update and extension of loan note

  

21st Century Technology plc (AIM: C21), the specialist provider of tailored solutions to the transport community, solving complex operational requirements both 'on-vehicle' and 'in-street', is pleased to provide an operational and trading update for the year ended 31 December 2018 (the "Period") together with the announcement of new and extended debt financing.

Operational and Trading Update

Continued investment in R&D is delivering a more powerful suite of software solutions along with an enhanced product portfolio showcasing the group's own IP. The Board expects these developments to underpin progress in sales and profitability in the coming years.

Revenue for the Period is expected to be in excess of 10% higher than last year with underlying operating profits expected to be broadly in line with last year.

Loan Notes

The Company has agreed to extend the maturity date of £300,000 of existing loan notes (announced on 8 December 2016) ("Existing Loan Notes") such that they will now be repayable on 31 March 2021. All other terms of the Existing Loan Notes remain unchanged. The extension of the maturity date of the Existing Loan Notes constitutes a related party transaction under the AIM Rules as certain directors of the Company are holders of the Existing Loan Notes.

In addition, the Company has secured an additional £250,000 of loan notes ("New Loan Notes") from both existing and new investors. The New Loan Notes attract interest at 10 per cent. and are repayable on 31 March 2022. All other terms of the New Loan Notes are the same as the terms of the Existing Loan Notes. Russ Singleton, the Company's Chief Executive Officer, is providing £25,000 of the New Loan Notes and as he is a related party of the Company for the purposes of the AIM Rules his participation in the New Loan Notes constitutes a related party transaction under the AIM Rules. 

The money raised from the New Loan Notes will enable the Company to continue its investment in R&D and provide working capital to ensure that the Company can capitalise on anticipated opportunities.

Related Party Transactions

The independent directors of 21st Century (being Nick Lowe in relation to the extension of the Existing Loan Notes and Nick Lowe, James Cumming and Mark Elliott in relation to Russ Singleton's participation in the New Loan Notes) consider, having consulted with the Company's nominated adviser finnCap Limited, that both the extension to the maturity date of the Existing Loan Notes and the full terms of the New Loan Notes are fair and reasonable insofar as the Company's shareholders are concerned.

 

Russ Singleton, Chief Executive Officer of 21st Century, said: "We have made a lot of progress this year with our innovation led growth strategy and our R&D capabilities are now beginning to differentiate us. Despite new vehicle registrations being lower than expected this year and local authority budgets continuing to be under pressure, we have successfully grown both the Fleet and Passenger side of our business by working closely with customers and then delivering more deeply integrated solutions that meet or exceed their needs. The additional working capital provided by the new loan notes will enable us to exploit additional opportunities as they become available and we look towards 2019 with confidence."

 

 

A digital copy of this announcement will be available on the Group's website: www.21stplc.com

Enquiries:

 

21st Century Technology plc

Russ Singleton/Nick Lowe

Tel: 0844 871 7990

finnCap

Nominated Adviser

Julian Blunt/Scott Mathieson

Tel: 0207 220 0500

Media enquiries

Communications Portfolio

Ariane Comstive / Helen Carpanini

Tel: 07785 922 354/

0207 536 2007

 

Notes to editors:

 

'Connecting Systems for Connected Journeys'

 

21st Century Technology is the specialist provider of integrated systems and software  to the transport community, solving complex operational requirements 'on-board' vehicles and the associated 'in-street' information delivery infrastructure.  Comprised of a Fleet Systems division and a Passenger Systems division, 21st Century's innovative IoT solutions are 'connecting systems for connected journeys'.

 

Fleet Systems: include CCTV video surveillance; to improve passenger & driver safety, vehicle & driver performance monitoring, real-time on-board IT subsystems management and automatic passenger counting.

 

Passenger Systems: include the design & manufacture of all the necessary hardware and software for electronic passenger information systems, off-vehicle smart ticketing and way-finding.

 

With over 20 years' experience in the transport industry, 21st Century Technology specialises in providing innovative, cost-effective technology lead solutions to improve the passenger experience and provide operational benefits to fleet and network operators.

 

Further information on the company is available on www.21stplc.com or search for 21st Century Technology on LinkedIn and @21stCenturyLtd on Twitter.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: 21st Century Technology PLC

Price: 3.95

Market: AIM
Market Cap: £3.68 m
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