Option (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announces that the Board of Directors has concluded the private placement announced in October 2012 and revised in January 2013. The Company has secured ? 9 million via the issue of a convertible bond. The funding is subscribed by 5 partners: the Flemish investment company PMV, thereby supporting further technological innovation in Flanders, for ? 2 million, Athos Investment for ? 1 million, Life Science Research Partners for ? 0,5 million, Mondo for ? 0,5 million and Jan Callewaert for ? 5 million. The combination of this investment with further cost reductions and the projected sales of the new products should allow Option to continue to build out a profitable business focused on B2B and M2M solutions.
The 5-year convertible bond matures in March 2018, and can be converted into 31,034,483 new shares of Option N.V. The convertible bond has an annual interest rate of 5% with an initial conversion price of ? 0.285 which is the average share price during the 30 days prior to the issuing of the convertible bond.
The agreement between the Company and Mondo on a mid term loan facility in order to bridge potential cash requirements until the completion of the private placement, will as a result of the issue of the convertible bond be terminated. The loan facility was not used.
Further information regarding the convertible bond can be found in the report of the Board of Directors drafted in accordance with article 583, 596 juncto 598 of the Code of Companies and in the report of the Auditor of the Company drafted in accordance with article 596 juncto 598 of the Code of Companies. These reports are available on the website of the Company.
The Company also announces that Jan Smits, CFO of Option, has informed the Company of his plans to pursue other opportunities. The search for a new CFO has been initiated.
Copyright ©2013 OPTION. All rights reserved. All product and company names herein may be (registered) trademarks or trade names.
Option, the wireless technology company, is a leading innovator in the design, development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE, and WLAN B2B technology products for wireless connectivity solutions. Option has established a reputation for creating products that really enhance the performance and functionality of wireless communications. Option is headquartered in Leuven, Belgium. The company also has Research & Development in Belgium (Leuven), Germany (Augsburg) and an ISO 9001 production engineering and logistics facility in Ireland (Cork). Option maintains offices in Europe, US, Greater China and Japan. For more information please visit www.option.com.
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