IncentiaPay Limited has executed a loan agreement with Suzerain Investment Holdings Limited (Suzerain), for a proposed $4.0 million debt facility. The facility will be unsecured and will be used to partially repay the existing CBA debt (Loan). The Company plans to draw down on the Suzerain Loan progressively over the coming weeks. The Suzerain Loan is repayable on the earlier of completion of the proposed Rights Issue or 30 September 2019.

The company announced the appointment of Jeremy Thorpe as a director and welcomes him to the board. Mr. Thorpe is a lawyer, admitted in South Africa, and a director of various companies specialising in corporate finance, private equity as well as consumer and business credit. Mr. Thorpe is currently the Managing Director of Skybound Capital (Australia). Finally, the Company announced the resignation of Mr. Darius Coveney as a director. Mr. Coveney will continue in his current executive role as the Acting CEO.