Nottingham, 7 February 2024 – Impala Bondco Plc (the “Company“) 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, amongst other things, vote in favour of amending the terms and conditions of the Bonds (the “Terms and Conditions“).
As announced on 19 January 2024, the Company has not made its latest scheduled payments of interest under the Bonds resulting in the occurrence of an event of default under the terms and conditions of the Bonds (the “Non-Payment“). The Company has had constructive discussions with a majority of bondholders and are proposing the amendments to the Terms and Conditions based on such discussions. The proposed amendments to the Terms and Conditions are set out in the notice to the written procedure.
The notice to the written procedure will be delivered to all holders of Bonds through the CSD. The written procedure will end on 29 February 2024. To be eligible to participate in the written procedure, a person must fulfil the formal criteria for being a holder of Bonds on 8 February 2024.
In conjunction with initiating the written procedure, the Company also provides a flash financial update for FY2023 and guidance for FY2024-26: For FY 2023, the business is expected to have achieved trading revenue of £22.4m, representing a decline year-on-year of 9%, and Adjusted EBITDA of £1.0m (note that the Q4 2023 formal reporting date is the end of February 2024, and as such these flash figures are subject to change). The decline in performance in FY2023 was due to tougher trading conditions and a shift towards a higher recurring revenue model. For FY2024, the business is expected to be able to achieve trading revenue of £24.8m and Adjusted EBITDA of £3.9m. For the period FY2025-2026, recurring revenue is forecasted to grow by an average of circa 10% per annum, with EBITDA margin expected above 20% by the end of that period.
The figures set out above have neither been revised nor reviewed by the Company’s auditor and the final outcome may differ significantly from the Company’s estimates.
Impero’s cash position at the end of December 2023 was £1.7m. The Company’s short-term liquidity has been strengthened by extending the maturity date of the remaining deferred consideration payable to the original selling shareholder of ContentKeeper to December 2024.
Pareto Securities AB has been retained as financial advisor in connection with the written procedure.
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:
Ian Kelly, CFO
Telephone: +44 (0) 1509 611 341
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 11:45 CET on 7 February 2024.
The following files are available for download: