Spectur (ASX:SP3) - Managing Director, Gerard Dyson
Managing Director, Gerard Dyson
Source: Spectur
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  • Spectur (SP3) has secured a $1.5 million loan facility with the company’s largest shareholder, EGP Capital
  • The new facility is designed to support SP3’s estimated capital requirements by providing the available working capital required for growth
  • Spectur says it will continue delivering its sales initiatives and product investment as it progresses towards creating additional efficiencies within the business
  • The facility carries a fixed interest rate of 7 per cent per annum on drawn amounts and an annual line fee of 3 per cent on its total value
  • Subject to shareholder approval, Spectur is required to issue 2.25 million unquoted options to the lender to acquire fully paid ordinary shares in SP3, exercisable at 12 cents on or before December 31, 2023
  • Spectur shares are up 1.32 per cent, trading at 7.7 cents each

Spectur (SP3) has secured a $1.5 million loan facility with the company’s largest shareholder EGP Capital.

Started in Perth, Spectur is a solar security, sensing and visual artificial intelligence provider with offices throughout Australia.

The company’s lender EGP is a private investment business located in Sydney.

The new loan facility is designed to support SP3’s estimated capital requirements by providing the available working capital required for growth.

By strengthening its cash position, Spectur says it is aiming to continue delivering its sales initiatives and product investment as it progresses towards creating additional efficiencies within the business.

Under the 30-month term agreement, any drawdowns on the facility must be made in minimum amounts of $100,000 and multiples of $50,000, to be executed with 30 days’ notice.

The facility carries a fixed interest rate of 7 per cent per annum on drawn amounts and an annual line fee of 3 per cent on its total value.

Further, and subject to shareholder approval, Spectur is required to issue 2.25 million unquoted options to the lender to acquire fully paid ordinary shares in the SP3, exercisable at 12 cents on or before December 31, 2023.

Spectur Managing Director Gerard Dyson commented on the new deal.

“The current equity valuation being ascribed to Spectur is, in the view of the board, not reflective of the renewed vitality of the business’ prospects post-COVID,” Gerard said.

“The board feels it is important to demonstrate to our investors that we are adequately funded to take the business to the point of self-sustaining commercialisation,” he continued.

“Issuing further equity at the current depressed valuation was deemed by the board to not be in the best interests of shareholders.

“We are pleased to partner with EGP Capital to ensure the necessary capital is in place to take the business to the point of self-funding.”

Spectur shares are up 1.32 per cent, trading at 7.7 cents at 12:36 pm AEST.

SP3 by the numbers
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