MapsPeople: Announces new debt facility with EIFO and implements a retention and incentive program

Today, MapsPeople announced a new debt facility with EIFO. The new debt facility, amounting to up to DKK 14.9m over a period of up to 75 months can be drawn in 3 tranches conditioned by a set of covenants. The first tranche of DKK 7m has been drawn following the recent successful capital increase. The second tranche of DKK 4m will be available when MapsPeople reaches an ARR of DKK 69m, and the third tranche of DKK 3.9m can be drawn upon reaching an ARR of DKK 79.8m.

New loans will be interest-only payments during the first 15 months from being drawn down by MapsPeople. Compared with MapsPeople’s current situation, MapsPeople also highlights that the agreement will have a net positive cash impact of DKK 13.4m by the end of 2025.

Read more about the new debt facility here: https://www.inderes.dk/releases/mapspeople-as-announces-new-debt-facility-with-eifo-of-mdkk-149-improving-net-cash-flow-with-mdkk-134-by-the-end-of-2025

MapsPeople has also implemented a retention and incentive program, issuing a total of 220,000 warrants. Warrants were issued to three key employees, and the exercise price is fixed at DKK 2.17 per share (average price of the share in the period from 2 September to 9 September 2024).

To reduce costs, MapsPeople has also decided not to publish a separate remuneration report with effect from the current calendar year. This does not change the overall information level, as information from the remuneration report will be included in the annual report. 

Read more about the incentive program and changes here: https://www.inderes.dk/releases/mapspeople-as-grant-of-new-warrants-for-employees-and-no-remuneration-reporting-going-forward

Disclaimer: HC Andersen Capital receives payment from MapsPeople for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 15:40 11 September 2024.