Ondo InsurTech PLC Loan Note restructuring to support rapid growth (5554F)

TIDMONDO

RNS Number : 5554F

Ondo InsurTech PLC

11 July 2023

Ondo InsurTech Plc

(" Ondo " or "the Company")

Ondo InsurTech agrees Loan Note restructuring to support rapid growth.

Ondo InsurTech Plc ("Ondo "), the London-listed leader in claims prevention technology for home insurers , is pleased to announce that it has agreed a restructuring of its 5-year loan notes with its largest shareholder, Homeserve Assistance Limited ("Homeserve"), providing additional non-dilutive financing flexibility for continued rapid roll-out of the LeakBot system.

These loan notes, which are interest-free until 21 March 2024 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 key elements of this restructuring are:

   --      Interest due from 31 March 2024 to 31 March 2025 rolled up and deferred. 
   --      First repayment of principal deferred from 31 March 2025 to 31 March 2026 
   --      Final redemption extended by 1 year to 31 March 2029 
   --      Interest rate increased from 10% to 12% from 31 March 2024

The loan notes remain redeemable by Ondo by refinancing or repayment with 10 days' notice.

Craig Foster, CEO of Ondo InsurTech Plc, says : "The financial flexibility provided by these terms granted by our largest shareholder supports our accelerated drive to profitability as we initiate contract roll-outs in Denmark, Sweden, the UK and the USA."

Enquiries

For further information, please visit www.ondoplc.com or contact the following:

 
 Ondo InsurTech Plc 
  Craig Foster, Chief Executive Office      +44 (0) 800 783 9866 
 Broker 
  SI Capital Ltd 
  Nick Emerson                              +44 (0) 1483 413500 
  Jon Levinson                              +44 (0) 20 3143 0600 
 Public & Investor Relations 
  Cassiopeia Services Ltd 
  Stefania Barbaglio                        +44 (0) 7949 690338

About Ondo InsurTech Plc

Ondo InsurTech Plc is on a mission to become the world's leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app, and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 13 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO) and Ondo was subsequently awarded the LSE's Green Economy Mark recognising Ondo a business that contributes to the Green Economy

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCQBLFFXDLLBBX

(END) Dow Jones Newswires

July 11, 2023 02:00 ET (06:00 GMT)

Ondo Insurtech (LSE:ONDO)
過去株価チャート
から 4 2024 まで 5 2024