SyQic (AIM: SYQ), the fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, announces that its wholly owned subsidiary, SyQic Capital Sdn. Bhd. (“SyQic Capital”), has received an offer of finance from a Malaysian bank, Al Rajhi Banking & Investment Corporation (Malaysia) Bhd. (the “Bank”), for a working capital facility of up to £3 million (the “Working Capital Facility”) including a bank guarantee facility of up to £370,000 (together the “Facilities”).

SyQic is also pleased to announce that following the receipt of further payments from its telco partners, the Company’s cash position has substantially improved from the position at 31 December 2014.

SyQic's CEO, Jamal Hassim states: “We are pleased to announce that the ongoing collection of the Company’s receivables has enabled us to improve our net cash position substantially since our December year end. Our Telco partners continue to adhere to existing payment plans and remain supportive.”

“At the same time we are also pleased that we have been offered a debt based facility in Malaysia, to bridge the incoming receivables position, ensuring that we continue to grow the business at a rapid pace. This will enable us to continue to upscale Cool2vu as a global service.”

The Working Capital Facility is a revolving credit facility and is being made available to the Company over a four year period at the Bank’s effective cost of funds rate (estimated currently at 3.8-4.0%) + 1.5% per annum. The effective lending rate therefore is estimated at 5.5% per annum. Interest is chargeable only on the amount drawn down.

The Directors consider that the Working Capital Facility represents a cost effective way for SyQic to manage its working capital cycle without surrendering both a substantial discount on receivables collection and control over the manner of collection of its outstanding receivables as would have been required in a typical invoice factoring arrangement.

The Facilities are secured by a fixed and floating debenture over the assets of SyQic Capital together with an assignment of the contact proceeds. In addition, the amounts capable of being drawn down on the facility at anyone time are dependent on certain coverage ratios on amounts placed in a fixed deposit account with the Bank.

For further information:

SyQic plc

Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7933 8780

Steve Elliff, Chief Financial

Allenby Capital Limited

Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656

Walbrook, Financial PR and IR

Paul CorneliusTel: +44 (0) 20 7933 8790


Sam Allen

Notes to Editors:

About SyQic

SyQic is a fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices. Incorporated in Jersey and headquartered in the UK, it has a significant service footprint in Singapore, Indonesia and Malaysia.

The Group launched its new Korean content service called “Cool2vu” in Malaysia, Singapore and Indonesia in January 2015 streaming high demand Korean content utilising an advertising revenue model. The service has since been expanded to include Europe, South America, Central America, India and the Philippines.

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