Defenx Plc

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Defenx Plc (AIM:DFX) sought funding from UK Bond Network to continue the development of their product portfolio, catering for the burgeoning corporate cybersecurity market.

We met UK Bond Network last year, we got to know them and as far as we could see their structure is properly implemented; it is built on much bigger corporate bond structuring.

It is industry-standard recognisable, while the conversion is at a premium, so it worked for us.


Key auction statistics & Headline terms

  • £1,250,000

    Amount raised

  • 32

    Number of investors

  • 10%

    Final interest rate (gross per annum)

Term36 months
RepaymentInterest-only payable quarterly, bullet repayment upon maturity
Conversion price200 pence per Ordinary Share, being a 7.8% premium to the closing price of 185.5 pence on 3 August 2017, the day prior to announcement
SecurityAn all assets debenture from the Issuer and its subsidiaries Defenx SA and Memopal SRL. A guarantee from Defenx SA and Memopal SRL
Use of proceedsTo invest in its product portfolio, delivery and sales capability and to accelerate growth in existing and corporate markets

Broadening Defenx's 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.

Firstly, Defenx is operating in a sector that is particularly popular at the moment and one that we find very interesting, where we believe there is currently a good, strong growth opportunity. Importantly we believe in the capability of the management team to take advantage of this.

Since we initially opened a dialogue with them about a year ago, it's been very encouraging to see them continue to deliver over that period, from adding further channel partners to the successful integration of Memopal to then also moving into their fifth year of profitable growth.

Personally, I like the fact that the Company has both a strong and diverse shareholder base and I think that's been reflected in the ongoing support they've received from them.


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