Published: 1 July 2020
Oslo, 1 July 2020 – Net1 International Holdings AS (the “Company” or with its subsidiaries “the Group”) has today published its Annual Report for 2019. The Annual Report is attached to this release and is also available on the Group’s website.
Further to the progress reported on 27 April 2020, the report informs that in May 2020 a further amount of USD 800,000 (NOK 7 million) and IDR 5 billion (NOK 3 million) were funded by Rasmussengruppen and Sampoerna respectively as a further tranche of the September 2019 bridge loans, that the Company in June was in the advanced stages of negotiations to extend the September 2019 bridge loans of NOK 50 million and IDR 21 billion (NOK 132 million) from Rasmussengruppen and Sampoerna from 30 June 2020 to 31 July 2020, and that the Group in Q3 2020 intends to raise debt and equity capital to support its operations.
The Company is in discussions with potential funders and investors with the goal of raising additional long-term financing and refinancing of the Group’s existing USD 40m senior secured debt, which will be used to address the Group’s liquidity needs and provide growth capital for the Group’s growth strategy.
Beyond 31 July 2020, the Company will review the status of the above-mentioned proposed long-term financing before considering a further extension request. Should the long-term financing close, then an extension of the Rasmussengruppen and Sampoerna bridge loans for a further 7 years has been agreed in principle. However, there can be no assurance the proposed long-term financing will be closed.
Although there is significant uncertainty in respect of the long-term financing required for the Group’s operations in H2 2020 and beyond, the Board confirms that the prerequisites for the going concern assumption exist and that the financial statements have been prepared based on a going concern.
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