Negotiated very well here, unlike the Manas fiasco where we had no say in anything, rns: "Leed will also be entitled to appoint a Leed representative to the board of Battalion as part of the investment."
Jinesh Patel, Chairman of Leed, said "Leed is buying into an asset-backed vehicle that has full operational and financial control of the underlying assets by means of a convertible loan note. Leed can assess the value proposition before deciding if it wishes to convert into equity at what would be an extremely attractive entry price if HM is able to deliver the forecast growth in cashflow. In the meantime, we will receive an initial 12% and then 14% coupon as a secured creditor.
We are very excited about our investment in Battalion, and through this to HM, and will work closely with our new partners at Battalion to help move the business forward. The Leed Board will continue to seek additional suitable investments, including potential further investments in Battalion, which the Battalion Board have said that they would be willing to consider, that have the potential to generate attractive returns for the Company."
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