24SevenOffice has today resolved to propose that an extra general meeting resolves to issue convertibles of approximately 30 MUSD directed to Lugard Road Capital (“Lugard”).
Lugard is an US investor who currently owns 7.39 percent of the outstanding shares in 24SevenOffice. Lugard will also commit to lend an additional approx 30 MUSD by subscribing for additional convertibles upon request from 24SevenOffice, subject to certain conditions. The conversion price represents approximately 25% premium on today’s share price.
This will give 24SevenOffice the power to further grow and to continue to offer the best cloud based ERP for medium sized enterprises around the world.