Eight Capital Ptnrs. - Result of Bondholder Meeting
24/06/2022 07:00
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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 €25m 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 +44 20 7213 0880
AQSE Corporate Adviser
Jo Turner / James Lewis
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 (http://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 (http://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 (http://www.innovfinance.com)
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