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DATALEX PLC
Amendment of Facilities Agreement with Tireragh Limited
Datalex announces intention to explore further fundraising options
Dublin, Ireland - 11 April 2023: Datalex plc ("Datalex", the "Company" or the "Group") (Euronext Growth Dublin: DLE), a market leader in transformative airline retail products and software solutions, is pleased to announce that it has successfully agreed an amendment to the Group's debt facilities agreement (the "Facilities Agreement") with Tireragh Limited ("Tireragh").
The Company has agreed with Tireragh, a company ultimately beneficially owned by Mr. Dermot Desmond, to amend and restate the Facilities Agreement to extend the repayment date for all amounts owing to Tireragh from 30 June 2023 out to 31 December 2024, providing the Group with further financial flexibility.
In the context of the Company's strategic development, in particular the expected growth from recent new customer wins and other potential opportunities, the Board has engaged its financial advisers to explore further fundraising options to secure capital to repay the debt facility and support the expansion of the business as it returns to positive cashflow generation and further builds out its global customer base.
Datalex will host a capital markets half-day event for analysts and investors on 10 May 2023 in London. Further details will be made available at www.datalex.com.
Background and details
Datalex initially entered into the Facilities Agreement with Tireragh on 30 October 2019 with the arrangements approved by independent shareholders on 15 November 2019 and subsequently amended on two occasions in 2020 and 2021, again with the approval of independent shareholders.
Tireragh is a company ultimately beneficially owned by Mr. Dermot Desmond and an associate of our largest shareholder, IIU Nominees Limited, a company ultimately beneficially owned by Mr. Desmond.
The Company has today entered into the Third Amendment and Restatement Agreement with Tireragh to amend and restate the Facilities Agreement. The principal amendments to the Facilities Agreement to be effected by the Third Amendment and Restatement Agreement are:
· to confirm the continued availability to the Company of the facility B term loan facility in the amount of approximately €10 million (of which approximately €1 million remains undrawn) and to extend the availability period of facility B to 30 June 2023;
· to extend the repayment date for all amounts owing to Tireragh under the Facilities Agreement to 31 December 2024; and
· to increase the rate of interest payable on loans made under the Facilities Agreement from 10 per cent. per annum to 15.5 per cent. per annum with immediate effect, increasing to 16.5 per cent. per annum from 1 July 2023 and increasing to 18 per cent. per annum from 1 October 2023.
The existing security granted by members of the Datalex Group will continue to secure all obligations under the Facilities Agreement.
Contact information
Investor Enquiries
Neil McLoughlin, Datalex plc
+353 1 806 3500
investor.relations@datalex.com
Media Enquiries
Eavan Gannon, Powerscourt
+353 87 236 5973
About Datalex
Datalex's purpose is to transform airline retail. Datalex is a market leader in airline retail technology, offering unique products that enable airlines to drive revenue and profit as digital retailers. Datalex has a strong track record of delivering digital retail transformation for progressive airline brands worldwide.
The Group is headquartered in Dublin, Ireland, and maintains offices across Europe, the USA, China and Australia.
In 2023, Datalex was awarded the 'Great Place to Work®' and 'Best Workplaces in Tech™' certifications.
Datalex plc is a publicly listed company, on Euronext Growth, Dublin.
Learn more at www.datalex.com
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