Dukemount Capital PLC Unsecured Loan Facility for GBP1,000,000 (3336X)
04 May 2021 - 4:00PM
UK Regulatory
TIDMDKE
RNS Number : 3336X
Dukemount Capital PLC
04 May 2021
Dukemount Capital PLC
04 May 2021
Dukemount Capital Plc
("Dukemount" or the "Company")
Unsecured Loan Facility Signed for GBP1,000,000
Dukemount Capital Plc ("Dukemount" or the "Company"), the
property management company and long dated income specialist,
continues to assess long dated income opportunities, which it
believes could be material to the Company.
On 22 March 2021, Dukemount announced that it had agreed outline
terms for a joint venture with HSKB, a company with a very
experienced environmental energy team and which is involved in the
flexibility power sector. The joint venture is targeting Capacity
Market contracts for two 11KV gas peaking sites which will secure
CPI-linked long-dated income.
In order to take advantage of this opportunity, on 1 May 2021,
the Company entered into a 12-month convertible unsecured loan
facility for GBP1,000,000 ("Facility") with a consortium arranged
by Sanderson Capital Partners Limited the ("Lenders"), of which
GBP500,000 is available immediately and the additional GBP500,000
available conditional on certain milestones being met by the
Company.
The interest free unsecured convertible Facility will provide
the initial funding from Dukemount to the joint venture. An
availability fee of GBP70,000 is payable in Dukemount shares, at a
deemed issue price of GBP0.0071 per share. Each drawdown on the
facility is subject to a 2% fee payable in shares at a deemed issue
price of GBP0.0071 per share. In addition, the Lenders have been
issued warrants which are convertible at an exercise price of
GBP0.00715 for a period of 2 years from the date of execution of
the Warrant Instrument. The Facility is convertible at the election
of the Company or the Lenders into ordinary shares at a deemed
issued price of GBP0.0065 per share, subject to the Company having
sufficient authorities in place and to the publication of any
prospectus required pursuant to the Prospectus Regulation
Rules.
Matthew Thompson, Chief Executive Officer said: " The management
of Dukemount remain committed to providing investors with
long-dated income opportunities.
We are very pleased to have partnered with HSKB, who are
compliant with current ESG guidelines and legislation and run by an
experienced team in the environmental energy and gas peaking space.
We see great potential in this fast-growing industry providing the
long-dated income opportunities investors require and believe this
facility agreement is a vote of confidence in the project and the
management team. We look forward to updating shareholders further
with news as and when appropriate."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as in force in the United
Kingdom pursuant to the European Union (Withdrawal) Act 2018).
For further information, please visit
www.dukemountcapitalplc.com or contact:
Dukemount Capital Plc Via St Swithins PR
Geoffrey Dart / Matthew Thompson
St Swithins PR (Media and Investor Tel: +44 (0) 1732 521132
Enquiries)
Gary Middleton gary@swithins.com
Peterhouse Capital Limited Tel: +44 (0) 207 469 0930
Lucy Williams/Duncan Vasey
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END
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