Eight Capital Ptnrs. - Launch of £25million 4.8% Five-Year Listed Bonds
03/09/2021 07:00
RNS Number : 6633K
Eight Capital Partners PLC
03 September 2021
3 September 2021
Eight Capital Partners plc
("ECP", "Eight Capital" or "the Company")
Launch of €25million 4.8% Fixed Rate Five-Year listed Bonds
Eight Capital Partners plc (AQSE: ECP), whose strategy focuses on working with, and investing in, technology, media, telecoms and financial services businesses including listed investing companies, is pleased to announce the launch of €25 million 4.8% Fixed Rate Five-Year Bonds ("the New Bonds") which are to be listed on the Vienna Stock Exchange.
The terms of the New Bonds are as follows:
- issue price and redemption at par;
- interest of 4.8% per annum paid quarterly in arrears;
- issue date of 3 September 2021 with a redemption date of 2 September 2026;
- admission to trading on the Vienna MTF as Eight Capital Partners EUR 25.000.000 4.8% 09/2026
As announced recently in the RNS of 25 August 2021, the Company is seeking to expand its balance sheet by raising new equity capital and the issue of other securities by the Company in stages, in the short-term. The creation of the New Bonds is an important step in the delivery of this strategy. As it moves forward, other developments may include an equity placing via an open offer to all shareholders. Warrants and / or other securities may also be included in the capital raise.
It is expected that the New Bonds will in part be used to refinance some of the Company's 7% bond that was announced on 29 July 2019, launched to raise up to €5 million, of which a total of €3.99 million has been issued to date, with a maturity of 26 July 2022 and which is listed on the Vienna Stock Exchange.
To enable the creation of the New Bonds, an initial tranche of €50,000 has been subscribed in cash at par value by Trumar Capital LLC ("Trumar"), a substantial shareholder of the Company controlled by ECP's Chairman Dominic White. The initial tranche of the New Bonds is to be admitted to trading on the Vienna Stock Exchange on its multilateral trading facility with effect from today, Friday 3 September 2021.
Commenting on the New Bond issue, ECP's Chairman, Dominic White, said: "The Company has been successful in creating and utilising debt instruments to raise finance. These instruments are useful to help build scale; it can prove challenging for small companies to raise meaningful sums through equity alone. This bond issue is the next step towards enlarging the Company's balance sheet, and it provides better medium-term visibility since our existing listed bonds approach maturity in 2022. Over the coming months, I am expecting ECP to be offering shareholders, historic bondholders and private creditors, the opportunity to subscribe for new ordinary shares or listed debt in the Company."
Trumar, a Company beneficially owned by Dominic White, a director of the Company, is a substantial shareholder of the Company. Pursuant to AQSE Rule 4.6, the subscription for the Bonds by Trumar therefore 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 Dominic White | +44 20 3808 0029 info@eight.capital |
| Cairn Financial Advisers LLP AQSE Corporate Adviser Jo Turner / James Lewis | +44 20 7213 0880 |
| Walbrook PR Limited Paul Vann/Nicholas Johnson | +44 20 7933 8780 Paul.vann@walbrookpr.com |