Crushmetric Group Ld: USD 1m Convertible Bond and Disputes Update
10/05/2023 07:00
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RNS Number : 8298Y CRUSHMETRIC Group Limited 10 May 2023
10 May 2023
CRUSHMETRIC GROUP LIMITED
("CRUSHMETRIC" or "the Company")
Issue of Convertible Bond
and
Update on Supplier and Distributor Dispute
CRUSHMETRIC Group Limited announces that it has entered into an unsecured
convertible bond agreement (the "Bond") with Sky Solar HK Investments Limited
(the "Investor"). The Investor subscribed in cash for the Bond for a
principal amount of USD$1,000,000 (approximately £790,400) (the "Principal
Amount"). The Coupon will be at 10% and calculated on an annualised basis.
The Bond, at the election of the Investor, may be converted into ordinary
shares (the "Underlying Shares") or redeemable according to the term sheet
that is summarised below.
The proceeds of USD$1,000,000 from the issue of the Bond will be used for
general working capital purposes.
Convertible Bond principle terms:
Instrument and The Bond, when convertible into the Underlying Shares, will rank pari
passu with all outstanding ordinary shares of the Company.
Underlying Shares:
Maturity Date: Three years from the date of receipt of the Principal Amount.
Coupon: Ten percent (10%) per annum which shall be payable by the Company annually in
arrears after receipt of the Principal Amount.
Conversion Price: The Bond shall be convertible into the Underlying Shares at a Conversion
Price of GBP 0.2 per share where 50% of the Bond can be converted within the
first year at the discretion of Investor, 25% of the Bond can be converted in
the second year at the discretion of the Investor and the rest of 25% can be
converted on the Maturity Date at the discretion of Investor.
Redemption: At Maturity, if not already converted into the Underlying Shares.
Redemption Price: Unless previously redeemed, converted, or purchased and cancelled, the Company
will redeem the Bond at its Principal Amount together with any accrued and
unpaid interest thereon on the Maturity Date.
Dispute Updates
The Company announces that, further to the announcement of 28 January 2022 and
3 May 2022, its subsidiary, Star Collaboration (Guangzhou) Limited ("Star C")
has signed a settlement agreement with the supplier in full and final
settlement of the second legal proceeding, whereby Star C will pay a total of
approximately £68,600 (equivalent to approximately RMB600,000).
Separately, the Company also announces, further to the announcement of 3
December 2021, that its subsidiary, Star Collaboration (Guangzhou) Limited
("Star C") will continue to engage lawyers to recover the outstanding debt of
approximately RMB2,500,000 (equivalent to approximately £286,000) from the
distributor. A civil judgement awarding RMB2,500,000 in the Company's favour,
was decided, although the Company is still trying to recover these funds from
the supplier.
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:-
CRUSHMETRIC Group Limited
ONG Ban Poh Michael - Chief Executive Officer Tel: +852 2110 4221
Lilian Lo - Acting Chief Financial Officer
AQSE Growth Market Corporate Adviser Tel: +44 (0) 20 7469 0930
PETERHOUSE CAPITAL LIMITED
Guy Miller
Mark Anwyl
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