Business
Trading update and completion of loan facility
Trading update and completion of loan facility.
About this update from Getbusy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2045A\n GetBusy PLC\n 28 September 2020\n \n \n \n \n 28 September 2020\n \n \n GetBusy plc\n \n \n (\"GetBusy\" or the \"Company\" or the \"Group\")\n \n \n Trading update and completion of £2 million loan facility \n \n \n GetBusy plc (AIM: GETB), a leading developer of document management and task management software, is pleased to provide a brief update on trading. In addition, it confirms that, further to the announcement within the half-year results on 23 July 2020, it has signed a £2 million loan facility with Silicon Valley Bank (the \"Facility\").\n \n \n Trading update\n \n \n The Group's performance has remained robust since the half-year. \n \n \n SmartVault's annual contract value from new customers remains around 40% ahead of last year. We have started the investments announced in July in SmartVault product capabilities and growth to drive sustained increase in shareholder value over the coming years. \n \n \n New business for Virtual Cabinet has also recovered and we are delighted to have secured an order from another Top 10 UK accounting firm. \n \n \n The customer base for GetBusy continues to grow, albeit still at modest levels, and product functionality has further improved, including the launch of our inbuilt digital signature solution, which has the potential to provide significant opportunity in this rapidly growing market.\nWe continue to look to the future with confidence.\n \n \n Loan facility\n \n \n The Facility provides the Group with additional working capital headroom, augmenting its strong cash position, to execute its accelerated investment plans for SmartVault.\n \n \n The key terms of the facility are:\n \n \n \n \n \n Facility amount\n \n \n \n \n £2m\n \n \n \n \n \n \n Term\n \n \n \n \n 3 years\n \n \n \n \n \n \n Margin\n \n \n \n \n 3.25% - 3.75% above LIBOR\n \n \n \n \n \n \n Commitment fee\n \n \n \n \n 35% of applicable margin\n \n \n \n \n \n \n Covenants\n \n \n \n \n Based on recurring revenue levels and liquidity coverage\n \n \n \n \n \n \n Security\n \n \n \n \n Group's assets and intellectual property in the UK, USA and Australia\n \n \n \n \n \n \n \n \n Enquiries\n \n \n \n \n \n GetBusy plc\n \n \n \n \n \n \n \n \n \n \n \n \n \n Daniel Rabie (Chief Executive Officer)\n \n \n \n \n [email protected]\n \n ...