SpinVox Shareholders Get Virtually Nothing After Debt Payback

Spinvox says it’s fully repaid a £30 million bridging loan that kept it afloat until its sale to Nuance last month.

The voicemail-to-text company had accepted the mezzanine loan from the Tisbury fund in July after falling in to a financial mess. The company has now told Companies House it has paid it back in full.

The payback is just one of those to come from the $102.5 million (£63.5 million) sale – but these debts the company racked up have left shareholders with virtually nothing…

After repayments, all shareholders received a total of only £600 ($968) and staff who, as we revealed last year, accepted stock instead of salary during the summer, are getting nothing, according to a memo obtained by BBC News.

Update: From Nuance PR: “Those who accepted stock options in lieu of salary did receive payment of their foregone salary in connection with the transaction.”