Sopheon plc, the international provider of software and services that improve the financial return from innovation and product development investments, announces that it has extended the Company’s equity line of credit facility with GEM Global Yield Fund Limited ("GEM") for a further two year period up to 23 December 2013. This is the fourth such extension, and the terms of the facility are otherwise unchanged.
Sopheon retains full control of the amount and timing of any subscription under the Equity Line and will be under no obligation to use the facility at any point. Since inception, the facility has been used to raise working capital on one occasion in March 2004, leaving approximately 90% of the original €10m facility available under the extended agreement.
Sopheon Chairman Barry Mence said:
“We have a long standing relationship with GEM, and the equity line is an important component of Sopheon’s financing structure. At the end of November we had cash balances of £2.2 million; we have no immediate intention of using the facility, however we are delighted to be extending for an additional two years.”
About Sopheon
Sopheon (LSE: SPE) is an international provider of software and services that help organisations improve the business impact of product innovation. Sopheon's solutions automate and govern the innovation process, enabling companies to increase revenue and profits from new products. Sopheon's solutions are used by industry leaders throughout the world, including BAE Systems, BASF, Corning, Electrolux, Honeywell, Novartis and SABMiller. Sopheon is listed on the AIM Market of the London Stock Exchange and on the Euronext in the Netherlands.
About GEM
Global Emerging Markets Limited was founded in 1991. GEM is a $3.4b investment group having completed 305 transactions in 65 countries. The firm is an alternative investment group that manages a diverse set of investment vehicles across the world. GEM’s funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund*; Kinderhook; GEM Global Yield Fund; GEM India Advisors, BLOM GEM Opportunities Fund and GEM Brazil PE Fund (*GEM exited both its LP and GP stakes in Q1 2010). For more information, please visit www.gemny.com.