Inside Secure announces successful fundraising of €16 millionMonday, September 11th, 2017
AIX-EN-PROVENCE, France — Inside Secure (Paris:INSD), at the heart of security solutions for mobile and connected devices, announced today the successful completion of fundraising in the global amount of €16 million through the issuance of bonds convertible into new shares and/or exchangeable for existing shares (“OCEANE”) due in 2022.
The OCEANE bonds have been offered by way of two private placements essentially performed with institutional investors in Europe on June 27 and September 5, 2017, and reached the full financial delegation granted by the 25th resolution approved during the shareholders’ extraordinary general meeting held on June 14, 2017.
Amedeo D’Angelo, president and CEO of Inside Secure commented: “We are very pleased with the success of this fundraising, which demonstrates the confidence of investors in Inside Secure’s outlook and provides additional financial flexibility for the growth strategy of the company. The proceeds of this fundraising enable Inside Secure to pursue its selective acquisition strategy related to software security, as illustrated by the completion of the acquisition of Meontrust at the end of August 2017, while optimizing the financing cost and the shareholders’ dilution.”
A first issuance of OCEANE bonds occurred on June 27, 2017, for an amount of approximately €15 million. An additional issuance of OCEANE, to be assimilated to the OCEANE issued in June, was placed on September 5, 2017, to institutional investors and executives of Inside Secure, increasing the amount of the global issuance to approximately €16 million. Mr. Amedeo D’Angelo, president and CEO, Mr. Richard Vacher Detournière, general manager and CFO, and Mr. Jean Schmitt, independent member of the Supervisory Board, have also respectively subscribed to 28,718, 28,718 and 14,358 OCEANE bonds in September 2017.
The 4,313,125 OCEANE bonds have a par value of €3.73 and bear interest at a nominal annual rate of 6.00% with maturity on June 26, 2022. The bond issuance would result in a dilution of 10 percent in the share capital of Inside Secure in the case of conversion into shares of all bonds.