TIDMECP
RNS Number : 0935Q
Eight Capital Partners PLC
24 June 2022
24 June 2022
Eight Capital Partners plc
("ECP", "Eight Capital" or "the Company")
Result of Bondholder Meeting
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, is pleased to announce that at a meeting of the holders
of the Company's EUR 7% Fixed Rate Bonds due 26 July 2022 ("the 7%
Bonds") ("Bondholders") held today in London, an Extraordinary
Resolution to approve a proposal to modify the terms and conditions
of the 7% Bonds was duly passed with the positive approval of 86%
of those voting following an attendance of 79% of Bondholders. The
changes become affective on 1 July 2022.
Specifically, the Extraordinary Resolution sought to align the
7% Bond terms with the more recently issued EUR25m 4.8% ECP Bonds
due 3 September 2026. Bondholders have therefore approved the
following revised terms:
-- the maturity of the Bonds will be extended to 3 September 2026;
-- the rate of interest applicable to the Bonds will be set to 4.8 per cent. per annum; and
-- the interest payment date frequency will be increased to
quarterly, being 3 March, 3 June, 3 September and 3 December in
each year.
Following approval, Bondholders have been awarded warrants in
aggregate to subscribe for 15,367,521,368 new ECP Ordinary shares
being an amount equal to the par value of bonds held at the time of
grant of the warrants divided by the 0.0005 GBP strike price of the
warrant. The duration of the warrants will be one year from 1 July
2022, the effective date of the revised terms. They will be fully
transferrable.
Commenting on the result of the General Meeting, Dominic White,
Executive Chairman of ECP said:
"The Company has been successful in creating and utilising debt
instruments to raise finance. Such instruments have been valuable
in helping to build gross asset value. Thanks to the positive
support of the holders of our 7% Bonds, we are able to take this
exciting next step forward through our proactive balance sheet
expansion, which underpins ECP's wider fintech growth plans."
Related Party Transaction
Dominic White, a director of the Company, is also a director and
the beneficial owner of IWEP Limited, ECP's main shareholder.
Pursuant to AQSE Rule 4.6, the restructuring, including the
issuance of warrants to IWEP constitutes a related party
transaction.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Eight Capital Partners plc +44 20 3808 0029
Dominic White, Chairman info@eight.capital
David Bull, CEO
Cairn Financial Advisers LLP
AQSE Corporate Adviser
Jo Turner / James Lewis +44 20 7213 0880
Walbrook PR Limited +44 20 7933 8780
Paul Vann/Nick Rome Paul.vann@walbrookpr.com
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.
www.eight.capital
Eight Capital Partners operates two subsidiary businesses:
Epsion Capital:
Epsion Capital is an independent corporate advisory firm based
in London with an extensive experience in UK and European capital
markets. The company is specialised in ECM, DCM, structured
investment facilities, and M&A across multiple markets, sectors
and geographies. It prides itself on a commercial approach that
enables its clients to achieve their growth ambitions.
www.epsioncapital.com
Innovative Finance:
Innovative Finance is a corporate finance advisory business that
sources and develops mergers and acquisitions and financing
solutions across multiple sectors, primarily in Europe, with access
to international transactions. It is currently working on
transactions in North America and Europe which are linked to
technological developments in the financial services industry,
e-commerce and cannabis. www.innovfinance.com
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END
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