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DJ FT8 plc Update

 
TIDMGFT 
 
FT8 PLC 
 
                           ("FT8" or the "Company") 
 
           LOAN OF $A500,000 TO FT8 PLC BY BILLYST HOLDINGS PTY LTD 
 
The directors of FT8 advise that further to its announcement on 21 November 
2016 of the acquisition of 49% of the issued shares of Billyst Holdings Pty Ltd 
("Billyst"), Billyst has stated that it has raised the money to make the loan 
of $A500,000 to FT8,which was a condition of that agreement. 
 
The directors of FT8 have agreed with Billyst, that the loan will now be paid 
in monthly instalments of which the first instalment of $A50,000 will be made 
by 21st December 2016, and further drawdown amounts of $50,000 will be made on 
21st January and 21st February 2017, This monthly draw down process will 
continue until Billyst have formally launched its version two software which is 
anticipated by the end of quarter one 2017. At this point Billyst should be a 
position of positive cash flow and profitability and may potentially increase 
the value of the FT8 drawdowns  This loan is unsecured and on an interest free 
basis where no specific repayment terms has been confirmed. 
 
Until the loan is fully drawn down, FT8's working capital position remains 
constrained and directors continue to keep this under review. Further 
announcements will be made in due course. 
 
For further enquiries: 
Phillip Pryor, FT8 Plc +60 19 212 
Katy Mitchell, WH Ireland Limited    +44 113 394 6618 
 
 
 
END 
 

(END) Dow Jones Newswires

December 15, 2016 07:53 ET (12:53 GMT)