The following amendments have been made to the ‘£24 Million Junior Loan Notes Facility’ announcement released on 25/02/2019 at 07:00 under RNS No 9380Q.
The third and fourth paragraphs within the ‘Key Terms of Junior Facility’ section of the RNS have been amended to the following:
Noteholders will be granted one warrant in the notional amount (“Notional Amount”) of £1 for each £1 of Loan Notes issued, with the Warrants being issued proportionately across three series (defined below). Based on the full £24 million of Loan Notes, there will be 8 million Series 1 Warrants, 8 million Series 2 Warrants and 8 million Series 3 Warrants.
The Warrants will vest on the Issue Date and expire 4 years thereafter and can be exercised through either/or a combination of a cash payment and/or surrender of Loan Notes plus accrued interest equal to the aggregate notional amount of the warrants being exercised. Each warrant gives the holder the right to convert the Notional Amount into such number of shares as is derived by dividing the Notional Amount by the exercise price, through either/or a combination of a cash payment and/or surrender of Loan Notes plus accrued interest equal to the aggregate notional amount of the warrants being exercised. In effect, the exercise of all Warrants, which in total have a notional value of £24 million, offsets the entire principal value of the Loan Notes owed to Noteholders by the Company.
All other details remain unchanged.