News and Announcements
Connexion Media (ASX: CXZ) announces Short Term Funding and Further Board and Management Changes
- Published June 28, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Connexion Media Limited (ASX:CXZ), an innovator in the connected car market, is today announcing the finalisation and execution of a Loan Facility Agreement with Principis Master Fund SPC – Lucerne Composite Master Fund SP for a facility of up to $1 million.
KEY TAKEAWAYS:
- The Facility is in the form of a revolving corporate line of credit and will be secured by way of a charge over CXZ’s Research and Development (R&D) Tax Rebate.
- Expected to be in the range of $1.4 million to $1.75 million, anticipated to be received in the first quarter of FY17/18.
- The Facility will be repaid upon receipt of the R&D Tax Rebate or 6 months, whatever occurs earlier. Interest will be charged at a rate of 36% per annum and is payable on the repayment date.
- The Company continues its cost reduction program with further cost reductions identified.
- The Company will also engage with the Series 1 Convertible Note Holders, with a total liability of $2,000,000 in the coming weeks in respect to the convertible note maturity date in August 2017
Board and Management Changes
- Mr Junior Barrett was appointed as CEO and will continue to lead the Company’s growth strategy in the key geographic markets in North America and Europe.
- The Company is pleased to announce the outsourcing of its finance function to top tier accounting firm Deloitte Touche Tohmatsu (Deloitte).
- CXZ is also pleased to advise of the appointment of Mr Robert Downey as a Non-Executive Director of the Company
Mr Caruso said: “The Company continues with its cost optimisation initiatives and sales drive in the USA. The recent expansion of the GM Contracts into Canada and Mexico area a result of newly appointed CEO Junior Barrett’s efforts in the region.” “We welcome Mr Downey’s commercial and legal experience which will be of significant benefit to the Company, as will Mr Connolly’s increased involvement in the daily operations of the Company.
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