Qurius secures ? 10 million equity line
(Thomson Reuters ONE) -
Turn to more added value accelerated
AMSTERDAM, 16 June 2011 - Qurius announces that it has entered into a Standby
Equity Distribution Agreement ('SEDA') for a ? 10 million equity line with YA
Global Master SPV Ltd ('Yorkville'), the investment fund managed by Yorkville
Advisors LLC. This strengthening of capital will support the further
cooperation between Prodware and Qurius. The extra funding will be used by
Qurius to invest in high margin activities - as in line with Qurius' vision
expressed in 2010 - and to support future working capital requirements and debt
reduction.
Commenting on the SEDA agreement, Michiel Wolfswinkel, Chief Financial Officer
of Qurius said:
"We are delighted to be announcing this standby arrangement for funds up to ?
10 million. High margin products and solutions are our future. This facility
enables us to speed up our investments in the development of such high margin
activities without recourse to our operational cash flows."
Brian Kinane, Yorkville's Managing Director adds: "At Yorkville, we share the
belief of Qurius that the future of technology solution delivery will be better
achieved through the combination of cloud computing and products. We hope that
our financing capabilities will assist Qurius in achieving its strategic
objectives"
The SEDA with Yorkville further strengthens the strategic alliance between
Qurius and Prodware. This alliance proceeds very well as Qurius and Prodware are
materializing a number of joint synergy opportunities - such as joint engagement
in client propositions, joint development activities, reselling best of breed
products and sharing resources. Within two weeks the presidents of both
companies will announce a major next step in the partnership.
The SEDA enables Qurius to intensify the development of front end applications
based on Qurius' existing customer expertise in defined mid market verticals.
Successful projects in this domain are undertaken already, and can now be
accelerated. Solutions that will be developed with the now available additional
funding will also be sold and distributed through the Qurius global alliance.
The SEDA also allows Qurius to reposition its existing loan facility with NIBC.
Under the terms of the SEDA, Qurius - at its sole discretion - has the right,
not the obligation, to place shares, with Yorkville over a period of up to three
years. The shares issued by Qurius will be at a 3% discount to the prevailing
market price during the ten trading days pricing period of each draw down
(following the draw down request). Qurius may also set a minimum price for each
draw down. The maximum advance that may be requested is 200% of the average
daily trading volume of the Qurius shares (denominated in Euro) of the ten
trading days prior to the draw down request, or ? 200.000, whichever is higher.
The facility may be drawn down upon once every ten trading days.
Yorkville will receive an implementation fee of ? 300.000 for the provision of
this SEDA facility, which will be payable on or before October 1, 2011 either in
cash or from the proceeds of the first drawn down under the facility.
Furthermore, Yorkville will receive a 3% commission on each draw down.
Qurius intends to use the exemption provided by paragraph 2 of article 53 of the
Exemption regulation of the Financial Supervision Act (Vrijstellingsregeling
Wft, art. 52 lid 2), that allows for issuing shares for an aggregate amount of
up to ? 2.5 million during a period of 12 months. The shares will be issued
under the authority granted by shareholders meeting of Qurius to issue up to
10% of the issued share capital of the company for general purposes, while pre-
emption rights from existing shareholders will be excluded.
End of press release
Qurius N.V.
Qurius provides IT solutions: design, architecture, infrastructure,
implementation and system management of Microsoft-based business and IT
solutions. From our head office in Zaltbommel we serve clients throughout
Europe, including Belgium, Germany, Austria, The Netherlands, Spain, the United
Kingdom and the Czech Republic. In 2010, we openly communicated our objective of
achieving 100% sustainable operations by 2014. In this way, we want to become
the leading European organisation in sustainable IT. We work with clients and
partners who are equally ambitious and have the same sustainability objectives.
Qurius has been listed on the Euronext Amsterdam since 1998. For more
information visitwww.qurius.nl
Contact
Qurius NV, Geerd Schlangen, Director Corporate
Communications,g.schlangen(at)qurius.com
+31 (0)418 68 35 00.
Qurius secures ? 10 million equity line:
http://hugin.info/132802/R/1524081/459927.pdf
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Source: Qurius N.V. via Thomson Reuters ONE
[HUG#1524081]
Unternehmensinformation / Kurzprofil:
Datum: 16.06.2011 - 17:35 Uhr
Sprache: Deutsch
News-ID 55629
Anzahl Zeichen: 5779
contact information:
Town:
Zaltbommel
Kategorie:
Business News
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