Eight Captl Partners - Investment into Imaginatik plc
RNS Number : 2548F
Eight Capital Partners PLC
26 October 2018
 

 

 

 

 

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

 

Eight Capital Partners Plc

 

("Eight Capital" or the "Company")

 

Investment into Imaginatik plc

 

Eight Capital Partners Plc, the investment vehicle focused on investments in the technology, media, telecoms and financial services sectors, is pleased to announce an investment of £250,000 into AIM listed Imaginatik plc ("Imaginatik") (the "Investment"). 

 

Imaginatik 

 

Imaginatik (AIM: IMTK) is a technology company that operates in the corporate innovation solutions software sector.  It has a proven innovation program with purpose-built idea management software to enable companies to achieve breakthrough and continuous innovation at scale. Imaginatik works with leading global enterprises to build and integrate innovation management skills as a core competency. Customers include ExxonMobil, Altria, TD Bank, Sodexo, Caterpillar, and Cargill.

 

The Investment

 

The Company will immediately invest £160,000 in Imaginatik by (i) subscribing for 14,545,455 new ordinary shares of 0.002p in Imaginatik ("Imaginatik Shares") at a price of £0.011 per share representing approximately 29.7 per cent of Imaginatik's share capital as enlarged by the issue (the "Subscription"); and (ii) through the acquisition of £90,000 of Convertible Loan Notes ("CLNs") to be issued by Imaginatik. 

 

The CLNs

 

The CLNs have a term of 3 years and an annual coupon of 7.5 per cent., payable quarterly in arrears. 

 

At the Company's election, the CLNs are convertible in whole or in part into Imaginatik Shares at the lower of £0.011 per share and a price which is 10 per cent. below the average mid-market price of Imaginatik Shares on the five days prior to the day of conversion

 

Warrants 

 

Alongside the Investment, the Company will also be granted warrants over Imaginatik Shares (the "Warrants") in respect of the Investment.

 

The Company shall be granted one Warrant for every two shares issued as part of the Subscription and one Warrant for every two ordinary shares that would arise on conversion of the CLNs. For the avoidance of doubt, the issue of the Warrants is not conditional on conversion of the CLNs. The Warrants have a three-year life and shall be exercisable at the lower of £0.011 per share and a price which is equal to the average mid-market price of Imaginatik shares, calculated over the five days prior to the date of exercise.

 

Board Representation

 

As part of the Investment, the Company has been granted the right to appoint a director to the board of Imaginatik, subject to customary due diligence being undertaken by Imaginatik's nominated adviser. 

 

Dominic White Chairman commented "we are excited by the opportunity to diversify the Company's investments into the technology sector.  Imaginatik is a growing innovation solutions software provider with a number of 5* global corporate clients.  It is one of the market leaders in its area and operates from the UK and USA.  We look forwards to working with its management on future growth."

 

The Directors of the Company accept responsibility for the content of this announcement.

 

 

- ENDS -

For further information, please contact:

Eight Capital Partners Plc:

Dominic White

John Treacy

+44 (0) 20 7469 0930

info@eight.capital

NEX Exchange Corporate Adviser:

Peterhouse Capital Limited

Guy Miller and Fungai Ndoro

+44 (0)20 7469 0930

Financial PR:

Abigail Stuart-Menteth

+44 (0)207 812 0645

eightcapitalplc@damsonpr.com

 


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