WideCells Group PLC Financing Agreement (7972X)
02 May 2019 - 1:00AM
UK Regulatory
TIDMWDC
RNS Number : 7972X
WideCells Group PLC
01 May 2019
1 May 2019
WideCells Group PLC ("WideCells" or the "Company")
Financing Agreement
WideCells announces that further to the Financing Agreement,
announced on 27 September 2018, with European High Growth
Opportunities Securitization Fund ("HGOSF"), it has today signed a
deed of variation in which the two parties have agreed to set a
minimum conversion price for the Bonds.
The conversion price (per Share) for the Bonds is now the
greater of:
I. GBP0.004 (the "Minimum Conversion Price"), or
II. 90% of the lowest closing volume-weighted average price of
Ordinary Shares in the 15 trading days prior to conversion (the
"Theoretical Conversion Price").
To the extent that the Theoretical Conversion Price is below the
Minimum Conversion Price the shortfall in the amount converted will
be settled at the time of the next tranche.
Executive Chairman, David Sefton, said: "HGOSF has been highly
supportive of the new strategy, and by providing capital, has been
instrumental in our ability to restructure and pay off the
outstanding legacy debts in WideCells, to the benefit of all
stakeholders. We are very grateful for this support. HGOSF has also
been open to discussions on restructuring the facility and this
first part provides that, in essence, HGOSF cannot convert at a
price below 0.4p, therefore providing a floor on the price.
Furthermore, with its support we will look to increase this floor
in the future, once the new business becomes more established.
"With the first part of the restructuring complete, we are also
discussing additional amendments to the financing structure and
relationship that will reflect both HGOSF's long-term strategic
support for the Company, and seek to further align the interests of
all stakeholders.
"On an operational level, we are very keen to update investors
on the progress of the new business since the Iconic Labs team
joined and intend to do so as soon as we have resolved certain
unforeseen legacy issues. With the support of HGOSF and the new
team, these issues are very close to being resolved, so we
anticipate a full operational and business update in the near
future."
**ENDS**
For further information, please visit the Company's website
www.iconiclabs.co.uk or contact:
Shard Capital Partners Joint Broker - Damon Heath Tel: +44 (0) 20
LLP & Erik Woolgar 7186 9950
finnCap Ltd Joint Broker - Christopher Tel: +44 (0) 20
Raggett 7220 0500
------------------------------ ----------------
St Brides Partners PR - Melissa Hancock & Juliet Tel: +44 (0) 20
Limited Earl 7236 1177
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END
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