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IODM LIMITED — Capital/Financing Update 2018
Jun 27, 2018
65131_rns_2018-06-27_86744b1e-ad9e-44f6-846a-b9275bf25f61.pdf
Capital/Financing Update
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ASX release 28 June 2018
IODM SALES UPDATE
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Strong Client growth in the last half
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Business Development Restructure leads to stronger last quarter
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Draw down of Standby Facility to accelerate the growth strategy
IODM Ltd (ASX: IOD; “IODM” or “the Company”) is pleased to announce a sales update for the 2[nd] half 2018.
The company has benefited from a strategic review and refocus on business development through the period. During the year the company took the subscription business from 32 clients to 60, with around 90% of these coming in the last half, providing the company with the confidence to accelerate its sales program. Likewise, the Business Development team have been signing new contracts with larger clients that has seen the average subscription amount per contract more than double through the same period.
The company expects to be able to give an unaudited update to the Full Year Ending 30 June 2018 within the next 10 days.
As announced by IODM on 30 April 2018, the Company entered into a convertible loan facility (Standby Facility) agreement with an associate of a current shareholder.
Pursuant to the terms of the agreement, the Company wishes to advise that the Company has provided notice to draw down $160,000 of the $320,000 Standby Facility. Accordingly, after this drawdown is completed, the Company will have $160,000 remaining in the Standby Facility.
The note holder has agreed to waive the 30 days’ notice period for the drawdown amount and the company has receipted the funds.
In a further show of confidence in the company’s future, the note holder has indicated that they are willing to convert all outstanding commitments in to equity, of which the company has gratefully accepted, to further manage its balance sheet and cashflow.
The Company has been buoyed by the recent business development restructure and subsequent traction and will use the funds to accelerate its growth strategy. The company wishes to thank all current stakeholders for their ongoing support.
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Investor inquiries: Mark Reilly Executive Chairman, IODM 0418 921 993 [email protected]
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