Business
Vendor Loan Note Restructuring
Ondo InsurTech Plc has announced a restructuring of vendor loan notes with its largest shareholder, HomeServe, deferring a £1.6 million principal repayment due March 31, 2027, to September 30, 2028. This adjustment will increase the interest rate on the loan notes to 15% from June 1, 2026, and subsequently to 17% from March 31, 2027. The company is also actively exploring financing options, including an equity fundraising, to address its short-term funding needs. Disclaimer*
About this update from Ondo Insur Tech Plc
The information contained in this announcement is deemed by the Company to constitute Inside Information as stipulated under the Market Abuse Regulations (Regulation 596/2014/EU) as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 28 May 2026 Ondo InsurTech Plc ("Ondo", the "Company", or the "Group") Vendor Loan Note Restructuring Ondo InsurTech Plc (LSE: ONDO), a leading provider of claims prevention technology for home insurers, is pleased to announce the rescheduling of vendor loan notes issued by Ondo ("Loan Notes") to its largest shareholder, HomeServe Assistance Limited ("HomeServe"). The Loan Notes form part of the consideration for the acquisition of the LeakBot business from HomeServe as set out in the prospectus dated 21 March 2022. The Loan Notes remain redeemable by Ondo at any time with 10 days' notice and are rescheduled as follows: · Deferral of principal repayment of £1.6m due 31 March 2027 to 30 September 2028. Given this adjustment, it was agreed that the interest rate would increase to 15% from 1 June 2026 and then to 17% from 31 March 2027. As previously announced, the Group requires short term funding and the Board is actively exploring a range of financing options, including by way of an equity fundraising. Further announcements will be made in due course. Mark Wood CBE, Executive Chairman of Ondo InsurTech Plc, says : "HomeServe recognises the value of the LeakBot franchise in the USA, Scandinavia and the UK. The rescheduling to September 2028 meaningfully strengthens our financial position, as we work towards a comprehensive solution to our short-term financing needs, ensuring we can continue to support rapid growth in each region. We appreciate HomeServe's ongoing confidence in our future." Enquiries For further information, please visit www.ondoplc.com or contact the following: Ondo InsurTech Plc Craig Foster, CEO Kevin Withington, CFO +44 (0) 800 783 9866 Singer Capital Markets Charles Leigh-Pemberton Jen Boorer James Todd Anastassiya Eley +44 (0) 20 7496 3000 www.singercm.com
View stock analysis, news, and events for Ondo Insur Tech Plc