REG - Iconic Labs PLC - Waiver of Event of Default

Iconic LabsAnnouncement

09/09/2024 07:00

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RNS Number : 3124D  Iconic Labs PLC  09 September 2024

 

Iconic Labs PLC

("Iconic" or the "Company")

Waiver of Event of Default

Iconic Labs PLC (LSE: ICON) today provides an update in respect of the loan
notes ("Loan Notes") held by the European High Growth Opportunities
Securitization Fund ("EHGO") and Arch Capital Partners LLP, formerly known as
Linton Capital LLP, ("Arch").

The listing in the Company's shares has been suspended since 28 February 2024
("Suspension").  On 11 March 2024, the Company announced the signing of
non-binding heads of terms in connection with the potential purchase of the
entire issued share capital of ITS Holdings 2023 Ltd (the "Target"), the owner
of In The Style Fashion Limited, an online fashion retailer. The proposed
transaction is, inter alia, conditional on the completion of legal and
financial due diligence on the Target and if completed would constitute a
reverse takeover  under the UK Listing Rules ("Reverse Takeover").

Under the terms of the Loan Notes, the Suspension would trigger an event of
default. Arch and EHGO wish to give the Company additional time to complete
the Reverse Takeover and have therefore agreed to waive the event of default
("Waiver") provided that the suspension is lifted on or prior to 31 December
2024. In consideration for the Waiver, Iconic shall issue £60,000 loan notes
(the "Waiver Fee Notes"). The subscription price of the Waiver Fee Notes shall
be paid by Arch by way of set-off against certain, liquid and due receivables
held by Arch against the Company.

The Company confirms that it continues to work with its advisers to progress
the legal and financial due diligence to enable the Reverse Takeover to
proceed and will provide further updates in due course.

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- Ends -

 

For more information, please contact:

 Iconic Labs                     via Yellow Jersey PR

 John Farquharson
 Novum Securities Limited        Tel: +44 (0) 20 7399 9400

 David Coffman / Daniel Harris
 Yellow Jersey PR                Tel: +44 (0) 20 3004 9512

 Charles Goodwin                 iconic@yellowjerseypr.com

 Annabelle Wills

 Bessie Elliot

 

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