Release and discharge of security in the Company

10 September 2024 - Craneware (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, is pleased to announce that following the satisfaction of certain performance conditions of the loan agreement entered into in connection with the acquisition of Sentry Data Systems Inc. ('Sentry'), the Security Trustee (acting on instructions of the Lenders) has released the securities granted at the time by the Company and the relevant subsidiaries which provided security over all of the assets of the Company and specified assets of the Group. As such the Company is now unencumbered by this security and is automatically, irrevocably, and unconditionally released, discharged and terminated of all the released assets from the fixed and floating charges, Liens and security interests constituted or intended to be constituted by the original security documents.

The loan agreement was originally entered into between Silicon Valley Bank, now known as HSBC Innovation Banking, and the Company's banking syndicate and their successors ('the Lenders'), to fund the acquisition of SDS Holdco, Inc., the ultimate holding company of Sentry on 12th July 2021. The debt facility comprised a term and revolving facilities agreement and was secured by a Scots law floating charge, an English law debenture and a New York law security agreement all of which were granted by the Company and certain of its subsidiaries as parties.

Keith Neilson, CEO of Craneware plc commented:

"We are pleased to have achieved this important milestone, demonstrating the considerable progress of the enlarged Group since the acquisition and integration of Sentry. Alongside meeting the conditions of the loan agreement, our strong performance and disciplined financial management allow us to invest in our solutions, pay down debt and accelerate the growth of The Craneware Group, for the benefit of all our stakeholders."

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Learn more at www.craneware.com