RE: Cash Position2 Sep 2025 11:24
Notwithstanding the Subscription Price of 3.75 pence, shareholders should note that the share price of the Company needs to be on average over the seven months of the Sharing Agreement at or above the Benchmark Price of 5.0 pence per share for the Company to receive at least, or more than, the gross Subscription of £1.875 million.
However, if the Company's share price is less than the Benchmark Price then the amount received by the Company under the Sharing Agreement will be less than the gross proceeds of the Lanstead Subscription which were pledged by the Company to Lanstead at the outset.
The Sharing Agreement provides that the Company will receive seven monthly settlement amounts (6 months of £267,857.14 and the final month of £267,857.16) as measured against a benchmark share price of 5.0 pence per Ordinary Share (the "Benchmark Price"). The monthly settlement amounts for the Sharing Agreement are structured to commence in May 2025.