galleon holdings plc (GON) Snapshot

Galleon Holdings plc announced that its product division Croco has secured licensing agreements totaling $1.2 million payable in stages over the next eighteen months for a number of products licensed to an existing customer.  This further diversifies the company's services and revenue streams going forward. The company has also agreed a new loan facility with Medical Consultant and Management Limited (MCM) to replace the existing £1 million loan facility entered into on 26 January 2012 with Imagination Holdings Limited which has assigned the outstanding balance at 31 January 2013 of £400,000 to MCM. The new loan facility is for up to £500,000 secured against the licensing agreements outlined above and is for a term expiring on 15 January 2014. The maximum amount outstanding on the loan cannot exceed 87.5% of the balance outstanding on the above licensing agreements. An interest rate of 2% calculated on the outstanding balance each month, on a pro rata basis, is payable monthly.  An arrangement fee of £20,000 is payable to MCM with £10,000 payable immediately and the remaining £10,000 payable on 31 July 2013.

Galleon Holdings plc reported unaudited consolidated earnings results for the six months ended March 31, 2012. For the six months, the company reported loss attributable to the equity holders of the company of £775,000 or 0.5 pence per basic and diluted share on revenue of £4,947,000 compared to loss attributable to the equity holders of the company of £1,667,000 or 1.0 pence per basic and diluted share on revenue of £4,893,000 for the last year. The company reported loss from operations of £895,000 compared to £1,760,000, loss before taxation of £976,000 compared to £1,777,000, net cash inflow from operating activities of £306,000 compared to net cash outflow from operating activities £531,000 and purchase of property, plant and equipment of £51,000 compared to £531,000 for the last year.

Galleon Holdings plc, Annual General Meeting, Mar 28, 2012., at 09:03 GMT Standard Time. Location: Cairn Financial Advisers LLP.