Defenx Plc

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Defenx Plc (AIM:DFX) specialises in developing security software for smartphones and desktop computers

The Company has successfully raised £1.25m via UK Bond Network alongside a separate equity placing to cover ongoing development costs and to expand their sales team.

Your capital is at risk when investing. Please read our full Risk Warnings.

Company overview

Defenx Plc is a profitable AIM-listed software company with a market cap of £22m (as at 4 August 2017). Defenx primarily produces anti-malware products for mobile phones and is focused on growing its network of channel partners, enhancing its product portfolio and broadening its international reach.

Last year, Defenx acquired Memopal, a provider of cloud-based solutions for information storage (and previously a channel partner). This acquisition offered cross-selling opportunities and synergies as well as bringing new IP, customers and customer support capacity. Before the year-end, Defenx also announced a long-term strategic partnership with BV-Tech, a leading Italian corporate IT and cyber security solutions provider.

With the support of BV-Tech as a significant shareholder, Defenx believes that it will be able to target larger corporate customers more rapidly and cost-effectively, with a view to adding high quality recurring revenues in the medium term.

Headline terms

  • Up to £2m

    Funding requirement

  • 8%-10%

    Interest rate (gross per annum)

  • 36 months

    Term

Instrument TypeSecured Convertible Bonds
Conversion price200 pence per Ordinary Share, being a 25% premium to the Equity Placing price of 160 pence and a 7.8% premium to the closing price of 185.5 pence on 3 August 2017
RepaymentInterest paid quarterly, bullet repayment of capital at maturity
SecurityAn all assets debenture from the Issuer and its subsidiaries Defenx SA and Memopal SRL. A guarantee from Defenx SA and Memopal SRL
Underwriting£1.25m at a 10% coupon
Use of proceedsTo invest in its product portfolio, delivery and sales capability and to accelerate growth in existing and corporate markets
Your capital is at risk when investing. Please read our Risk Warnings.

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Tax-efficient investing with the UKBN ISA

  • The UK Bond Network Innovative Finance ISA enables you to shelter your UKBN returns from taxation and can be held alongside your traditional Cash and Stocks & Shares ISAs.

Bidding in bond auctions

  • As the Defenx Bond has an interest rate range of between 8% and 10%, it means that the auction for the bond will decide where the final rate is set. Investors will need to place bids competitively to ensure their ultimate participation in the bond.