Update regarding terminated Convertible Loan Facility
Reference is made to the announcements on 2 November 2018 and 13 December 2018 regarding termination of a certain convertible loan facility between Induct AS ("Induct") and European High Growth Opportunities Securitization Fund (the "Investor").
Induct has now received a formal lawsuit from the Investor through their attorney claiming back the remaining loan of NOK 3.7 million after the Investor terminated the convertible loan facility. Induct claim damages exceeding NOK 3.7 million.
Reference is made to the announcement on 16 February 2019 with the Quarterly Report for Q4 2018 regarding the accounting treatment of the mentioned loan and the claimed damages.
For further information, please contact:
Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
Based on ten years of collaboration with more than 250 organizations, Induct offers collaborative communities, delivered as "Software as a Service," that enable organizations to digitalize and manage business processes. This also include create, manage, track and measure the innovation process from idea creation through to final implementation and impact reporting. Induct enables its customers to connect with each other in larger networks to share best practices, while deploying and monetizing initiatives - all within a secure, collaborative, and access-controlled cloud-based network.
Induct is listed on the Merkur Market list on the Oslo Stock Exchange with the ticker INDUCT-ME.