East Imperial PLC First Completion - Secured Convertible Loan Notes (2560J)
14 August 2023 - 9:54PM
UK Regulatory
TIDMEISB
RNS Number : 2560J
East Imperial PLC
14 August 2023
East Imperial plc
(the "Company")
First Completion - 10% Secured Convertible Loan Notes ("2025
Convertible Loan Notes")
East Imperial, the global purveyor of ultra-premium beverages,
is pleased to announce that following the passing of the
resolutions at the Company's General Meeting held on 4 August 2023
it has now issued GBP1,466,666.67 of 2025 Convertible Loan Notes to
INL Investment Limited in accordance with the Conditional Loan Note
Subscription Agreement dated 17 July 2023 ("Subscription
Agreement") between the Company and INL Investment Limited ("First
Completion").
The 2025 Convertible Loan Notes are secured by way of a
debenture which contains fixed and floating charges over the assets
of the Company. It is the parties' intention that security will
shortly be granted over the Company's wholly owned Singapore
incorporated subsidiary; and a charge will be granted by the
Company's chief executive officer, Tony Burt, over 47,645,448
ordinary shares of GBP0.01 each in the capital of the Company
("Ordinary Shares") held by him representing 14.1 per cent. of the
issued share capital.
INL Investment Limited has the right to convert the 2025
Convertible Loan Notes, including the rolled-up 10% interest
thereon, into Ordinary Shares at a price equal to a 20% discount to
the 60 day VWAP of the Ordinary Shares as at the date of the
conversion notice, subject to a minimum price per Ordinary Share of
GBP0.01 (being the nominal value of the Ordinary Shares) (the
"Conversion Price"), at any time after the expiry of the 12 month
period commencing on the date of the instrument constituting the
2025 Convertible Loan Notes ("Convertible Loan Note Instrument")
until the redemption of the 2025 Convertible Loan Notes in
accordance with the terms of the Convertible Loan Note Instrument.
The maturity date of the 2025 Convertible Loan Notes is the first
business day falling twenty-four months after the date of issue of
the relevant 2025 Convertible Loan Notes.
Under the terms of the Subscription Agreement INL Investment
Limited will subscribe for a further GBP733,333.33 of 2025
Convertible Loan Notes under the second tranche of the investment
("Second Completion"), which is expected to take place on the first
business day falling three (3) calendar months following First
Completion. A further announcement will be made by the Company in
due course.
No application will be made for the admission of the 2025
Convertible Loan Notes to trading on any recognised securities
exchange.
Enquiries
East Imperial Plc
Antony Burt / Andrew Robertson - investors@eastimperial.com
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH
IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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END
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