This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR"). Prior to publication, certain information contained within this Announcement was deemed to constitute inside information for the purposes of Article 7 of MAR
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The Bonds
The Bonds will each be valid for twenty-four (24) months (the "Maturity Date") from the date of their issue and will be freely transferrable. The key terms of the Bonds are:
- they will be issued at 95% of their nominal value;
- they can be issued at the Company's election in 50 tranches of
- to the extent issued, each Bond shall carry a coupon of 5%;
- interest is payable at six-monthly intervals, but the Company may, subject to certain conditions, elect to convert any interest due to the Investor into ordinary shares of
On the Maturity Date, any Loan Notes issued but not converted by the Investor, together with any accrued interest, will be mandatorily converted into Ordinary Shares at the Conversion Price. It is a condition of the Bonds that such a conversion will only be valid if it will not result in a Bondholder, or any person acting in concert with such Bondholder holding Ordinary Shares representing voting rights in excess of 29.9 per cent of the Company's entire issued share capital or which would otherwise give rise to the Bondholder being required to make a mandatory offer for the remaining ordinary share capital of the Company pursuant to Rule 9 of the Takeover Code.
In addition, the Company has agreed to grant the Investor such number of warrants to subscribe for Ordinary Shares as would have a value (based on the exercise price described below) of
The Investor is currently interested in 540,166,760 Ordinary Shares, representing 12.71% of the Company's issued share capital and is therefore a
Eight Capital Chairman
The Directors of the Company accept responsibility for the content of this announcement.
- ENDS -
For further information, please contact:
|
+44 (0) 20 7469 0930 |
NEX Exchange Corporate Adviser: |
+44 (0)20 7469 0930 |
Financial PR: Abigail Stuart-Menteth |
+44 (0)207 812 0645 |
This information is provided by RNS, the news service of the