Highway Capital PLC Alteration of Loan & Issue of New Convertible Loan (7715I)
13 August 2019 - 4:00PM
UK Regulatory
TIDMHWC
RNS Number : 7715I
Highway Capital PLC
13 August 2019
13 August 2019
Highway Capital Plc
Alteration of Loan & Issue of New Convertible Loan
Alteration of Existing Loan
Highway Capital Limited (the "Company") announces the alteration
of the terms of an existing loan, so that it converts into ordinary
shares of the Company ("Altered Loan Note"). The loan note holder
of the GBP100,000 issued on 20 December 2018 (the "Lender"), has
agreed to alter the terms of the of the GBP100,000 loan previously
announced, so that it is convertible into ordinary shares of the
Company at a conversion price of GBP0.05.
The Altered Loan Note has a term of 5 years and pays interest at
a rate of 5% per annum, which is payable only on the principal
amount outstanding on the redemption date. The Altered Loan Note is
unsecured. The noteholder may convert the Altered Loan Note at any
time six months after the date of issue, or following the
completion of an investment by the Company to a value in excess of
50% of the net asset value of the Company.
The Lender's conversion rights are limited to the extent that
the Company has adequate shareholders' and other regulatory
authority to issue shares in the Company.
Issue of New Convertible Loan Note
The Company has additionally issued EUR30,000 new, unsecured
convertible loan notes convertible into ordinary shares at a price
of GBP0.05 ("New CLN").
The New CLN has a term of 5 years and pays interest at a rate of
5% per annum which is payable on the principal amount outstanding
on the redemption date. The noteholder may convert the New CLN at
any time six months after the date of issue, or following the
completion of an investment by the Company to a value in excess of
50% of the net asset value of the Company.
No application has been or will be made for the Altered Loan
Notes or the New CLNs to be listed on any stock exchange. No shares
have been issued to date in relation to either the Altered Loan
Note or New CLN.
For further information, please contact:
Highway Capital Plc
info@highwaycapital.co.uk
020 3427 3382
Peterhouse Capital Limited
Eran Zucker / Allie Feuerlein
+44 (0)20 7469 0930
END
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