Brief: Nextil Approves Signing Term Sheet By Playvest, Tripoli Investments, Nextil And Growth Inov - FCR

Nueva Expresion Textil SA

24/01/2023 07:32

Jan 24 (Reuters) - Nueva Expresion Textil  NXTE.MC :
    * SAID ON MONDAY IT APPROVED RELATED-PARTY TRANSACTION 
CONCERNING
SIGNING OF TERM SHEET BY PLAYVEST, TRIPOLI INVESTMENTS, NEXTIL
AND GROWTH INOV - FCR (THE "FUND") 
    * TRANSACTION ESTABLISHES COMPANY PLAYVEST RECEIVES FROM
GROWTH
INOV - FCR TOTAL OF 4.0 MLN EUROS ("ADVANCE PAYMENT")
    * AMOUNT TO BE REPAID IN FULL, WITHOUT INTEREST, IN EVENT
THAT
TRANSACTION HAS NOT BEEN COMPLETED BY MARCH 20, 2023
    * TRANSACTION CONSISTS OF ISSUANCE OF BOND CONVERTIBLE INTO
SHARES
IN PLAYVEST
    * AT MATURITY, BOND TO BE PURCHASED BY NEXTIL, WHICH WOULD
PAY
FUND IN TREASURY SHARES OR NEWLY ISSUED SHARES IN ACCORDANCE
WITH CONVERSION RATIOS 
    * AS SECURITY FOR REPAYMENT OF ADVANCE PAYMENT, NEXTIL
GRANTS IN
FAVOUR OF FUND JOINT AND SEVERAL PERSONAL GUARANTEE 
    * TRIPOLI INVESTMENTS, IN TURN, GRANTS PLEDGE OVER 25% OF 
SHARES
OF NEXTIL LUXURY, PORTUGUESE SUBSIDIARY OF NEXTIL GROUP

    
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