News and Announcements
Crowd Mobile Completes Early Vender Debt Repayments with Strong End to 2017FY
- Published June 22, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Crowd Mobile Limited (ASX: CM8) is pleased to announce it has completed an early debt repayment of its 15% per annum $7.20 million Track Concepts vendor debt, previously due in October 2018.
KEY TAKEAWAYS:
- CrowdMobile has paid off its 15% per annum Track vendor debt
- The debt has been paid off sooner than expected, having previously been due in October 2018
- A discounted early repayment fee was paid at termination in lieu of interest
- CrowdMobile estimates its net debt position is AUD $2.8 million at June 2017
- CrowdMobile expects to report its strongest quarterly financial results to date for the FY17 financial year in late July 2017
The Company intends to maintain the current cash payment schedule which reduces the JGB Loan principle by approximately $600,000 per month and on this basis, expects to have the JGB Loan completely paid out in 14 months.
Crowd Mobile is pleased to report its fourth quarter performance [April to June 2017] has been strong and the Company expects to report its strongest quarterly financial results to date, on a normalised basis, for the FY17 financial year. The Company will release a detailed quarterly update in late July 2017.
Crowd Mobile’s Chief Executive Officer, Domenic Carosa: “I am delighted to announce the completion of this debt reduction initiative as promised to shareholders following our April capital raising. Paying off the Track debt not only saves us money but also adds to the momentum we gathered in this quarter. I fully expect this momentum to continue in FY18 as we move from a net debt to a net cash position, which will be a major achievement for the Company.”
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