REG - Hawkwing PLC - Update on Unsecured Convertible Loan Notes

HawkwingAnnouncement

19/12/2022 12:30

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RNS Number : 1921K  Hawkwing PLC  19 December 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

19 December 2022

 

Hawkwing plc

("Hawkwing" or the "Company")

Update on Hawkwing's Unsecured Convertible Loan Notes ("CULS")

 

Further to the announcement on 12 December 2022, a hearing took place in the
Insolvency and Companies List of the High Court on 16 December 2022 in respect
of the court application from Cadwalader, Wickersham & Taft LLP acting for
Hanover Investors Management LLP on behalf of Hanover Catalyst Fund
("Hanover") seeking to appoint Sarah Megan Rayment and Robert John Armstrong
of Kroll Advisory Limited as administrators to the Company. Hanover's
application for an immediate administration order was rejected, and a full
hearing of the application will take place in February.

 

As a result of the above the Company's application to the court to obtain
injunctive relief in respect of the statutory demand made by Hanover was
adjourned until February, when both matters will be heard together. Hanover
alleges a breach has occurred which is an event of default, and is the basis
of the statutory demand. This breach has been waived by a majority of CULS
holders and, in accordance with the terms and conditions of the CULS, this
waiver binds all CULS holders.

 

The Company will give a further update to the market in due course.

 

Important Notices

This announcement contains 'forward‐looking statements' concerning the
Company that are subject to risks and uncertainties. Generally, the words
'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans',
'expects', 'aims', 'intends', 'anticipates' or similar expressions or
negatives thereof identify forward‐looking statements. These
forward‐looking statements involve risks and uncertainties that could cause
actual results to differ materially from those expressed in the
forward‐looking statements. Many of these risks and uncertainties relate to
factors that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such forward‐looking
statements will prove to have been correct. The reader is cautioned not to
place undue reliance on these forward‐looking statements, which speak only
as of the date of this announcement. The Company does not undertake any
obligation to update or revise publicly any of the forward‐looking
statements set out herein, whether as a result of new information, future
events or otherwise, except to the extent legally required.

 

Nothing contained herein shall be deemed to be a forecast, projection or
estimate of the future financial performance of the Company.

 

Enquiries:

 

 Hawkwing plc
 Keith Sadler, Senior Independent Non-Executive Director  +44 (0)20 4582 3500

 Dwight Mighty, Non-Executive Director

 Gracechurch Group
 Harry Chathli, Alexis Gore                               +44 (0)20 4582 3500

 

About Hawkwing plc

For more information, please refer to the Company's website: www.hawkwing.co
(http://www.hawkwing.co) m

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