News blog
Cashbox
- BY: Andrew Hore |
- POSTED: 30/12/2009 |
Cash machines operator Cashbox has renegotiated its bank facility.
Cashbox will defer regular capital repayments to Bank of Scotland on the £5.7m and more will be repayable at the end of the term of the facility. Interest rates have been increased to 4% above three month LIBOR.
Synergy Capital has increased its convertible loan to Cashbox by £800,000 to £2.3m. The latest tranche has an interest rate of 12% a year and the conversion rate is 2.8p a share.
The original loan notes have an interest charge of 8% a year and last for five years. They are convertible at the lower of a premium of 5% over the last share price at which cash is raised or the average share price for the three dealing days prior to the date of the loan notes.
Revenue increased by 37% to £6.42m in the year to June 2009. The loss fell from £3m to £2.48m, but that included one-off gains of £1.2m. Net debt was £8.75m at the end of June 2009.
Cashbox operated more than 300 cash machines for off licence chain Thresher, which went into administration. This contract was ended in November 2009. There were 2,438 sites operational at the end of June 2009.
At 2.875p a share, Cashbox is valued at £4.05m.
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