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But to caveat and give a balance view, I am relatively new to trading and would welcome any second opinions.
This share has taught me quite a few things to date.
So I think potential sale... the first part of the sale and purchase agreement would be repayment of Hercules debt... So if this is the case TR1 in the next 48 working hours I believe?
I done think so unless they have screwed up the timings. At the moment Hercules are completely unsecured if any funds remain unpaid, if there has been an agreement for equity you would normally file this first before releasing the charge (well certainly in the commercial sector of the UK anyway) as you wouldnt want that exposure albeit that it may be for a Couple if days.
All I can say and from experience you would never satisfy a charge unless the liability has been settled, through repayment or in this potential case, issue of equity.
So Markrpt. In your opinion does this look like debt for equity arrangement or a sale and satisfaction of the charge?
I'm in commercial finance and take charges all the time on companies, to be honest it's the only part of all this I really understand
Cheers Mark. I’m learning all the time here!
negative pledge clause. A restriction in a borrowing agreement that limits a borrower's ability to issue new debt having a priority claim on the firm's assets. A negative pledge clause, a part of some debenture agreements, protects the creditors against a dilution of security
Sorry negative pledge
A native pledge means you can not sell assets without the charge holders permission or take a second charge. They have the same on many UK mortgages.
Now the charge is satisfied nothing in that document stands anymore. Its all void.
Gav. that’s how I’m reading it, that’s also what I find concerning as it would explain the lack of rns as no doubt it would have been covered in the 2017 rns! I hope I’m wrong as I don’t see how you can make a 7m stock pledge work on a 5m mcap. I also don’t know if the Hercules warrants are separate to this as the rns that covers those reads as if they are a completely separate arrangement to cover the forebearance shown etc.
I googled to work out the meaning
I found it clicking on the charge code on the companies house page and then the 14 page pdf. To see the full charge details. I understand it now that in 2017 they took a stock pledge agreement which has now been paid I assume with the £7 million. That’s what I understood anyway. Sorry if I get t wrong still learning the ropes.
HMRC! you couldn't make this rubbish up!
LOL - Poor Booby still RATTLED!!