23 May 2022
Eight Capital Partners plc
("ECP", "Eight Capital" or "the Company")
Balance Sheet Restructuring Update and Issue of Listed Bonds
Eight Capital Partners plc (AQSE: ECP), the financial services operating company that aims to grow revenue through businesses engaged in "Fintech" operations, from the digitisation of banking services, through to blockchain-backed disruptive finance companies provides an update to its balance sheet restructuring previously announced on 27 September 2021.
The Company announces that, following the sale of
As a result of the Debt Conversion, there has been no change to the aggregate amount of ECP's outstanding debt. The revised amounts outstanding of the 7% Bonds and the Vendor Loan are now
As announced on 27 September 2021, the Board's objective continues to be to grow the market capitalisation of the Company towards and beyond
IWEP, the Company's largest shareholder and debt holder, has stated its intention, conditional on appropriate shareholder approvals and regulatory clearance from the Takeover Panel in respect of a Rule 9 whitewash resolution, to convert up to
The Company has previously stated that it may seek to undertake an equity fundraise to existing and new investors. Following the Conditional Equity Conversion, the Company intends to explore this opportunity as the third step of its balance sheet restructuring.
ECP Chairman, Dominic White, commented:
"The Company has been successful in creating and utilising debt instruments to raise finance. These instruments have been valuable in helping to build gross asset value. Thanks to the positive support of a number of our debt investors, our aim is that the initial steps outlined here, will enable the Company to convert a significant amount of its debt into equity, expand the equity value of the business and therefore make ECP's shares more attractive to investors.
"As ECP moves forward through its balance sheet strengthening process, it is also carefully analysing fintech acquisition opportunities in digital banking, trade receivables and inventory finance, and wealth management. As Chairman and as a substantial investor, I believe that this will lead to accelerated growth, increased opportunities and enhanced shareholder returns."
This announcement contains inside information for the purposes of the
Eight Capital Partners plc
+44 20 3808 0029
Cairn Financial Advisers LLP
AQSE Corporate Adviser
Jo Turner / James Lewis
+44 20 7213 0880
Walbrook PR Limited
Paul Vann/Nick Rome
+44 20 7933 8780
About Eight Capital Partners:
Eight Capital Partners plc is an international financial services operating company focused on owning and operating businesses engaged in "Fintech" operations, from the digitisation of banking services, through to blockchain-backed decentralised finance companies.
ECP provides equity, debt, and equity-related investment capital to companies seeking capital for growth and development, consolidation or acquisition, or pre-IPO financing. The Company seeks to generate an attractive rate of return for shareholders, predominantly through capital appreciation, by maximising the revenues, profits and value of its operating subsidiaries, and taking advantage of the increasing number of acquisition opportunities within the continuously developing global technology, and fintech sectors.
Eight Capital Partners operates two subsidiary businesses:
Epsion Capital is an independent corporate advisory firm based in
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