Sim4Travel has paid back £500,000 of the convertible loan from Nettworx.
This follows the sale of Plus-quoted Sim4Travel’s business last week. The technology investment company retains £265,000 of the loan note plus accrued annual interest of 2% above base rate. This is repayable by 12 April 2013 at the latest.
Nettworx no longer has a consultancy agreement with Sim4Travel and if the latter raises money through a placing at less than 0.6p a share then the warrants Nettworx owns will have their exercise price lowered. It still owns around 11% of Sim4Travel.
Nettworx has cash of £8.7m, equivalent to 7.8p a share. At the current share price of 4.875p, the company is valued at £5.41m.
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