Law firm Howard Kennedy has advised AIM listed Fitbug Holdings on its latest fund raising that has seen the company raise a further GBP1,665,000, and on the restructuring of its existing loans.
The fund raising comprises:
• GBP665,000 raised by way of a new share placing;
• GBP350,000 raised by subscription from NW1 Investments; and
• A new GBP650,000 convertible loan in favour of NW1 Investments.
At the same time Fitbug has agreed the restructuring of its loans, which extend the terms until 2017 and reduces the interest payable.
The Howard Kennedy team was led by Partner and Head of Corporate Ashley Reeback and Solicitor Sian Thomas. Howard Kennedy has advised Fitbug since 2004 when it floated on AIM.
Fitbug is the online provider of personal health and wellbeing services that help individuals to improve their lifestyles by making realistic changes to their daily routine. It combines activity tracking devices which download to the Fitbug app and fitbug.com to provide an understanding of users’ daily activity achievements, with mobile and web technology which provides users with personalised weekly activity and nutrition targets, feedback, advice and encouragement.
The funds raised will support further product enhancements and marketing to increase sales of its integrated wearable health technology offering, including Kiqplan and Fitbug Orb.
Howard Kennedy’s Ashley Reeback (pictured), says: “Fitbug is a company with an exciting concept and truly innovative product. It is changing the way we think about our health. We are delighted to have been part of the team for the past decade and look forward to its continued success.”
Fitbug Chairman Fergus Kee, says: “Fitbug is uniquely positioned within the wearables market, including Smartwatches, which is forecast to grow to 148 million units shipped per annum by 2018. These new funds and attractive loan restructure terms significantly strengthen the company's financial position and prospects. We welcome new investors and thank longstanding shareholders for their continued support.”
