REG - Symphony Environment - Extension to Convertible Loan Agreements

Symphony Environmental TechnologiesAnnouncement

14/03/2024 07:00

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RNS Number : 7751G  Symphony Environmental Tech. PLC  14 March 2024

 

The information communicated within this announcement is deemed to constitute
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announcement, this information is considered to be in the public domain

 

 14 March 2024

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

("Symphony" or the "Company")

 

Extension to Convertible Loan Agreements

 

Symphony Environmental Technologies Plc (AIM: SYM), global specialists in
technologies that make plastic products "smarter, safer and sustainable", is
pleased to announce extensions to the two existing £1.0m convertible loan
agreements entered into with Sea Pearl Ventures Limited ("Sea Pearl")
(together, the "CLAs") from 30 September 2024 to 31 December 2025.

 

The other key terms of the CLAs, which were originally announced on 13 March
2023 and 18 October 2023 respectively, are unchanged.

 

The key terms of the updated CLAs are repeated below for completeness:

 

·      CLAs total drawn principal: £1.5 million (unsecured)

·      If not repaid on or before 31 December 2025, conversion on that
date

·     Conversion price: 80% of the volume-weighted average share price for
the 3 months prior to 31 December 2025

·      Interest: 7% per annum, payable as accrued on repayment and/or
conversion

·      Repayment of the CLAs, in full or in part solely at Symphony's
discretion

 

Sea Pearl is based in the Bahamas and is currently interested in 17.4% of
Symphony's issued share capital. As Sea Pearl is a substantial shareholder,
extension of the CLAs is deemed to be a related party transaction pursuant to
Rule 13 of the AIM Rules for Companies. Accordingly, the board of directors of
the Company consider, having consulted with the Company's nominated adviser,
that the extension of the CLAs is fair and reasonable insofar as the Company's
shareholders are concerned.

 

Enquiries:

 Symphony Environmental Technologies Plc
 Michael Laurier, CEO                                                  Tel: +44 (0) 20 8207 5900
 Ian Bristow, CFO
 www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

 Zeus (Nominated Adviser and Joint Broker)
 David Foreman, Kieran Russell (Investment Banking)                    Tel: +44 (0) 161 831 1512
 Dominic King, Victoria Ayton (Sales)                                  Tel: +44 (0) 203 829 5000

The person responsible for arranging the release of this information is
Michael Laurier, CEO of the Company.

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