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ASX ANNOUNCEMENT: Pureprofile to replace existing debtor finance facility with short-term loan

ASX ANNOUNCEMENT: Pureprofile to replace existing debtor finance facility with short-term loan

Key Points

  • Pureprofile’s existing debtor financing provider has scaled back its operations.
  • As a result, the volume of funding, which the Company receives under its existing debtor finance arrangement has reduced.
  • The Company is in the process of arranging a new debtor financing facility.
  • In the interim, the Company has secured a short-term ‘bridging’ loan to support the difference in funding.
  • The new loan will not materially impact the Company’s existing level of debt or interest payments.

Pureprofile Limited (ASX: PPL or the Company) wishes to advise it has started the process of transitioning from its current debtor financing arrangement with Interface Financial Group (IFG) to a new debtor financing facility.

The transition has been necessitated as a result of IFG scaling back its operations. This has resulted in a reduced volume of funding on the Company’s invoices / receivables.

Whilst the Company is in the process of arranging a new debtor financing facility, it has secured a new short-term ‘bridging’ loan (the Loan) on substantially similar terms to its current debtor financing arrangement.

Key terms of the additional Loan are as follows:

    • Drawdown: up to $2.6 million at the lender’s discretion;
    • Maturity date: 15 October 2019;
    • Interest rate: 20% p.a. capitalised and compounded monthly; and
    • Amortisation: the difference between initial funding from incoming debtor finance provider and final pay-out to IFG to be applied against the principal of the Loan.

As the purpose of the Loan is to support the difference in funding, which in the past would have been received from IFG, the Loan will not materially impact the Company’s existing level of debt or interest payments.

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For more information, please contact:

Nic Jones
Chief Executive Officer
Pureprofile Limited
nic@pureprofile.com
+61 2 9333 9700

Andrew Edwards
Non-Executive Chairman
Pureprofile Limited
aedwards@pureprofile.com
+61 2 9333 9700

About Pureprofile (ASX: PPL) Pureprofile Limited (ASX: PPL) connects businesses with empowered consumers across the world by connecting, understanding and engaging them through direct-to-consumer technology platforms. Pureprofile is a global leader in consumer research, data and insights and programmatic media. Pureprofile delivers next-generation marketing solutions for more than 700 brands, publishers and research groups worldwide.