RE: RNS CLN conversion by largest shareholder6 May 2026 19:27
Hi Jace hope you are good mate.
There were posts I put out back in February and also April this year in regards to the Loan notes, Additional notes, and Facility note.
So FL and family will now own 72,734,777 shares from 11th May 2026, which is around 17.11%. Previously it was 44,163,349 shares or around 11.14%. With news today that the Facility note has also been entered into, this means 7,142,857 further shares are guaranteed to be converted by 30.10.2026 at the price of 1.4p. Warrants connected with these will also be issued I believe at 2p, as of 1st May 2026 to be exercised at 2.5p up to 2 years from the date of issue. In total a potential of 22,500,000 warrants, from the various notes. There is still outstanding from the Facility note £100k for 1st June 2026, and £50k for 1st July 2026. The company did say "if required" so may or may not need it, we shall see. The debt is also going to be treated as equity on conversion.
Going forward this is positive. We now have a holder with 17% and the potential to hold up to 21.5%. I agree Jace this is going to be illiquid right now as there are potentially many sticky fingers, and news being as we expect then its going to be hard to get stock. I can see where this could go higher but I am reserving my judgement.