Issuance of Secured Loan Note

DDD Group plc (“DDD” or the “Company”) is pleased to announce that the Company has entered into an agreement with Arisawa Manufacturing Company Ltd. (“Arisawa”) for a Secured Loan Facility (“Loan”) of up to $750,000 pursuant to the existing authorities granted to the board of directors. The Loan is secured against future licensing revenues from the Company’s stereoscopic 3D patent library.

Highlights

  • Issuance of up to $750,000 Secured Loan Facility due 31 December 2017 has been completed under existing authorities
  • The net proceeds will be used to finance the working capital requirements of the Company.

Further details of the Loan are set out below.

Commenting on the transaction, Nicholas Brigstocke, Chairman of DDD said:

We are pleased to be able to announce the completion of this capital raising which will assist the Company in accelerating the commercial activities for our TriDef SmartCam products in the video conferencing and social photography markets as well as developing the licensee program for the new TriDef VR Games app.

This transaction completes the financing plan that was announced on February 20th, 2017. As a result, the Asset Match auction for the current quarter will be restarted.


Details of Secured Loan Note

The Loan has been established under the authority granted to the board of directors pursuant to Section 114 the Company’s Articles of Association.

The following is a summary of the main provisions of the Loan. The Loan has an annual interest rate of 10%. Loan interest is paid at the end of each calendar quarter. The loan is repayable on or before December 31st 2017 or as otherwise mutually agreed between the Company and Arisawa. The loan may be repaid without penalty in whole or in part together with any accrued interest. In the event that the Company receives any intellectual property settlement, it has agreed to apply the net proceeds to repaying the Loan prior to using the proceeds for repaying any other secured debt or convertible loan notes in issue from the Company.

Arisawa Manufacturing Co., Ltd. is currently a holder of 14.8% of the existing issued ordinary share capital of the Company.

SIGN UP!
Get the latest DDD investor news
Are you a DDD shareholder?
Excellent!
Thanks for signing up
SUBSCRIBE NOW!
Receive weekly recommendations right in your inbox.