High Yield BondOctober 21, 2015
High Yield Bond
21 October 2015
FOR IMMEDIATE RELEASE
(“Globo” or “the Group”)
High Yield Bond
Globo plc (LSE-AIM: GBO / OTCQX: GOBPY), the international provider of Enterprise Mobility Management (EMM), mobile solutions and software as a service (SaaS), announces that it has postponed the proposed issue of Senior Secured High Yield Notes (the ‘Notes’) due to market conditions.
As noted in Globo’s 2015 Interim Results on September 29th 2015, Globo’s current cash position and contribution from cashflow covers all operating requirements and selective acquisition opportunities. Without the bond financing the scale of such acquisitions will be smaller than previously envisaged, but the Group will continue to explore major acquisition opportunities and related funding as appropriate.
Globo’s CEO, Costis Papadimitrakopoulos commented:
“We have identified the opportunity to significantly scale our operations through major acquisitions and sought to fund this process via the high yield market. The High Yield Notes would have secured the resources and structure to enable us to focus on execution of more significant acquisition opportunities without the need to revisit the markets on a case by case basis. Market events, notably the situation in Greece initially and latterly the impact of events in China, have meant that conditions have not proved conducive to cost-effective funding via this route. We do, however, retain our existing strong bank finance relationships and will continue to explore opportunities for growth through acquisition and related prudent financing.”
For further information please contact:
Costis Papadimitrakopoulos, CEO
RBC Capital Markets
(Nominated Adviser & Broker)
Chris Blundell or Charles Pemberton
Globo Plc is a global provider of complete enterprise mobility solutions and SaaS. Our GO!Enterprise (EMM) and GO!AppZone (MADP) offerings help businesses expand their engagement with employees and customers through the mobile channel via a secure and extensible environment that runs on all smart devices. The Group operates internationally through subsidiaries and offices in the U.S., U.K., Europe, Middle East and South East Asia. Globo was included in the 2014 Gartner Enterprise Mobility Management Magic Quadrant report, in Ovum’s 2014-15 Decision Matrix for EMM Solutions and 2015-16 Decision Matrix for MADP Solutions, and in IDC’s January 2015 report on Mobile Enterprise Application Development Platforms. For more information visit www.globoplc.com.