Integritie sought £750,000 to capitalise on the rapid growth that they were experiencing, moving away from their services business to solely offer their scalable, cloud-based application.
The auction generated £1,000,000 for the Portsmouth-based company, enabling them to increase their marketing investment and develop their cloud infrastructure in the USA, Canada and Australia.
Founded in 2000, Integritie is a managed solutions provider which serves bluechip customers in 35 countries utilising its cloud-based applications.
We selected UK Bond Network as they provide an exciting new way to raise money without losing equity.MICHAEL VEENSWYK, CEO, INTEGRITIE
The outcome was impressive. We received a valued finance solution that enabled us to focus on our strategic growth goals.
Key auction statistics & Headline terms
Average bid size
Interest rate (gross per annum)
|Coupon||14% gross per annum|
|Repayment||Interest-only year 1, fully amortising year 2|
|Security||All assets debenture and negative pledge|
|Additional return||Bonus payment related to the future sale of the company|
Integritie issued an early repayment notice at the end of June 2016, signifying their intention to redeem the bonds 4 months ahead of maturity and in the days following, repaid all remaining interest to the 48 participating investors.
Here's what some of the Integritie Bondholders had to say after the successful redemption:
"UK Bond Network's Integritie Bond offering was well put together and well presented. It looked like a good company raising finance for a sensible purpose at a sensible rate. UKBN's documentation was well-orgaised and seemed comprehensive.
The deal did what it said on the tin and I am pleased to have backed it."
CHRISTOPHER R., UKBN INVESTOR
"I am very pleased with my investment in Integritie and its early exit. The interest rate was very good and all payments were on time.
So far I have found the platform excellent and all investments have paid back on time, both interest and capital.
I have found Chris Maule, CEO and Founder, to be honest and reliable, unlike some people I have had the misfortune to deal with regarding investments in the past! He always answers the phone and responds quickly to any questions - I wish him and his team the best of luck in the future."
MICHAEL C., UKBN INVESTOR
"You obviously did good diligence and selection of the Integritie Bond. It was attractive to me for its interest rate, reasonably short term and possible share in proceeds of any sale.
The early exit was conducted as expected, retaining the rights to sale proceeds as described in the offer document and at all times I was kept informed."
PETER T., UKBN INVESTOR