Brief: Nextil To Propose Issue Of Convertible Bonds By Playvest For Total Nominal Amount Of 4.0 Mln Euros

Nueva Expresion Textil SA

14/02/2023 11:08

Feb 14 (Reuters) - Nueva Expresion Textil SA  NXTE.MC :
    * TO PROPOSE TRANSACTION WITH RELATED PARTY CONSISTING OF
ISSUE OF
BONDS CONVERTIBLE INTO SHARES BY NEXTIL GROUP COMPANY (PLAYVEST)
FOR TOTAL NOMINAL AMOUNT OF 4.0 MILLION EUROS AND WITH CALL AND
PUT OPTIONS IN EXCHANGE FOR NEXTIL SHARES
    * BONDS WITH MATURITY OF FIVE YEARS
    * BONDS WITH INTEREST RATE AT 7.5% PER ANNUM, CALCULATED ON
DAILY
BASIS AND YEAR OF 360 DAYS
    * PURPOSE: PLAYVEST WILL DEVELOP RESEARCH AND DEVELOPMENT
PROJECT
OVER NEXT FIVE YEARS WHICH WILL INCLUDE COSTS THAT CAN BE
RECOGNISED BY PORTUGUESE AGENCIA NACIONAL DE INOVACAO IN AMOUNT
EQUAL TO OR GREATER THAN 4.0 MILLION EUROS
    * TYPE OF EXCHANGE: 40 CONVERTIBLE BONDS TO BE CONVERTIBLE
UPON
EXPIRY OF 5 YEAR PERIOD INTO SHARES EQUIVALENT TO 49% OF SHARE
CAPITAL OF PLAYVEST
    * FAILURE TO TRANSFER CONVERTIBLE BONDS UPON EXERCISE OF
OPTIONS
SHALL BE DEEMED TO CONSTITUTE AN EARLY MATURITY EVENT

Source text: https://bit.ly/3RUvd7r
Further company coverage:  NXTE.MC 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))