Nottingham, 13 May 2024 – Impala Bondco Plc (the “Company” and together with its subsidiaries “Impero“) has instructed the agent for the Company’s up to SEK 500,000,000 senior secured bonds with ISIN NO0011117145 (the “Bonds“) to initiate a written procedure to request the holders of the Bonds to vote in favour of the Waiver (as defined below).
The Company appointed a new CEO, Toby Hartmann, and CFO, Adrian Muniz, in April 2024. As a consequence, in order to give the new management team (the “Team“) the necessary time to prepare, review, and issue an audited set of consolidated financial statements for the financial year ending on 31 December 2023 (the “Financial Statements“), the Company’s publication of these Financial Statements will, as announced on 30 April 2024, be delayed (the “Delay“). The announcement relating to the Delay stated that the Financial Statements were to be published no later than 27 May 2024. However, since the preparation of the Financial Statements has taken longer than initially expected, the Issuer will not be able to ensure that the Financial Statements are published on or before 27 May and the Issuer thus request that the holders of the Bonds waive any Event of Default occurring as a result of the Delay (the “Waiver“) for the period commencing on 30 April 2024 and ending on 31 August 2024. Further information and background to the Delay is set out in the notice to the written procedure.
Furthermore, provided that the Waiver is approved, the Sponsor or any Affiliate of the Sponsor, will provide the Issuer with USD 3 million in freely available cash by no later than and including 15 business days after the potential approval of the Waiver.
The notice to the written procedure will be delivered to all holders of Bonds through the CSD. The written procedure will end on 5 June 2024. To be eligible to participate in the written procedure, a person must fulfil the formal criteria for being a holder of Bonds on 14 May 2024.
The Team’s initial assessment is that the markets Impero serves continue to be exciting with significant growth opportunities available. Since their appointment, the Team has already implemented significant improvements in all functions of the business and expect to continue these initiatives over the next several months. In operations, the Team has begun rightsizing the cost base, have implemented a PMO office and project management platform to drive operational efficiencies as well as deal desk and put in place new pricing models, which will drive profitability at a granular level. The Team also began streamlining the Sales and Marketing organisations to improve focus on new business and increase existing customer retention rates. The Team has completed face to face meetings with key customers as well, which has resulted in retention rates above expectations. On the product side, the Team has tactically streamlined engineering output, focusing on optimisation and stability of the product, strategically organised product roadmap, setting Impero up for innovation in the coming year with a strategic product architecture plan, focusing on leveraging cloud architecture to drive scale and support innovation.
The notice to the written procedure is available on the Company’s website (imperosoftware.com) and on Stamdata (www.stamdata.com).
For further information, please contact:
Adrian Muniz, CFO
Telephone: +17032982469
Email: [email protected]
Information:
This information is information that Impala Bondco plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at [11:00] CEST on 13 May 2024.
The following files are available for download: