Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

HARRIS TECHNOLOGY GROUP LIMITED Capital/Financing Update 2008

Feb 26, 2008

65074_rns_2008-02-26_1beb3dd1-d9df-4070-867b-98118631c7c9.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

ASX ANNOUNCEMENT – 27 FEBRUARY 2008

SWISH GROUP SECURES $5M FINANCE FACILITY

Swish Group announces that it has secured a $5m line of credit facility which will enable it to more rapidly expand its digital signage, digital music and film production and distribution businesses. The facility is available to the Company for a term of 5 years.

The Company proposes to utilise the facility to undertake the more rapid expansion and upgrading of its digital signage networks which currently operate in approximately 2000 medical, pharmaceutical and health related venues throughout Australia, to expand its rapidly growing digital music business, following the recent extension its existing agreement with The Orchard for a further 5 years and for working capital.

The facility provides that, Swish Group may, at its sole discretion, drawdown up to $5m at any time over the next 5 years. Any shares issued to Furneaux Equity Limited in consideration for the drawdown will be priced at the daily volume weighted average price (VWAP) of the Company’s fully paid ordinary shares during an agreed period from the date of the drawdown. A commission of 4.75%, similar to a capital raising fee, is payable by the Company on any amount drawn down. The facility also provides the Company with a $1m convertible note facility repayable in 6 months in cash or shares at the option of the Company.

Cary Stynes, Swish Group Managing Director said “this facility will provide the Company with significant additional flexibility to expand its rabidly growing digital signage, digital music and production and distribution businesses. It also demonstrates the confidence that is now beginning to be seen in the rapidly developing digital media sector. We see this facility removing some of the constraints that the business has experienced in the past by virtue of it being undercapitalised and allowing it to better take advantage of the immense opportunities that exist in the digital media sector generally and the digital signage and digital music businesses in particular”.

About Swish Group:

The Swish Group Limited (ASX codes: SWG, SWGO) businesses include one of Australia’s largest digital signage networks, Australia’s largest wholesaler of independent digital music, a comprehensive film and television production business, Australia’s largest Indian Bollywood film production and distribution business and a telecommunications sales and marketing business. The company is listed on the Australian Securities Exchange with a market capitalisation of approximately $6m.

Websites : www.swishgroup.com.au, www.ampheadmusic.com, www.blackcatfilms.com.au, www.mgdistribution.com.au

For further information, contact Cary Stynes, Managing Director T; +613 9820 1966 M: +61 412 111 821 or E: [email protected]