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20 Dec 2016

Taylor Vinters advises AIM-quoted Proxama plc on it fundraise of £1.8 million

Taylor Vinters advised AIM-quoted Proxama plc (AIM: PROX), the leading mobile proximity marketing expert, on its raising of £1.8 million through the issue of convertible loan notes to Darwin Capital Limited.

Proxama is an international mobile commerce company operating across two divisions specialising in proximity marketing via mobile. Proxama also provides end-to-end solutions for card issuers to migrate customers from magnetic stripe credit and debit cards to contactless mobile payments. Its solutions are used by banks, financial institutions, loyalty companies, media owners, stadium owners, retailers and brands.

“The net proceeds of the fundraise will be used for working capital purposes ahead of the proposed sale of the Company’s Digital Payments Division. The convertible loan notes were issued at a 10% discount, are unsecured and do not bear interest and have the following principle terms:

  • they are convertible into shares in the capital of Proxama at the election of Darwin at a conversion rate based upon trailing trading prices;
  • to the extent not converted they are repayable on the first anniversary of the facility;
  • they are redeemable by Proxama at a 105% premium and by Darwin in certain circumstances; and
  • they were issued together with detachable warrants to subscribe for shares.

'Taylor Vinters’ Ed Hooper (Corporate Partner, Capital Markets) led the deal, assisted by Simon Orriss (Corporate Associate). Ed Hooper commented: “We are delighted to have advised Proxama, a long-standing client of the firm, in securing its recent fundraising. We look forward to continuing our work with the company in 2017 as it progresses its stated strategy for each business division.”

The company’s CEO, John Kennedy, commented: “It has been a pleasure working with Ed and the Taylor Vinters team, with whom I place a great deal of trust. This facility, together with a strong pipeline of deals, should ensure Proxama moves forward into 2017 in a stronger position”.

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