RE: Georgina Energy (GEX)13 Jan 2025 16:03
Interesting, CLN's will be issued at 3 prices 8.75p, 9.35p and 12.5p...
If read correctly they total £548, 387, and pay 12%..?
But the issue prices suggest a combined total of ~£980k, can anybody explain this difference ?
16.9 Convertible Loan Note
In June 2021 Georgina issued 12% unsecured convertible loan notes to various investors in the company. On 11 July 2024 conditional on, inter alia, the completion of the Acquisition and Re-admission, the holders of the convertible loan notes in Georgina agreed to cancel their notes in exchange for £548,387 12% unsecured convertible loan notes in the Company. The convertible notes are divided into three classes, which convert into, in aggregate, 10,967,728 Ordinary Shares. Under the CLN the Company will issue: (i) 9,376,000 Class A loan notes, convertible at £0.0875; (i) 1,263,568 Class B loan notes convertible at £0.09375; and (it) 328,160 Class C loan notes convertible at £0.125. The notes shall automatically convert at the relevant conversion price on the earlier of: () Re-admission (where a Convertible Loan Noteholder has executed a CSS Lock-in Agreement ahead of Re-admission: or (li) immediately at any point after Re-admission if a CSS Lock-in Agreement is signed by the relevant Convertible Loan Noteholder in the six months following Re-admission; or (ili) six months and one day after Re-admission in any event where a Convertible Loan Noteholder has not executed a CSS Lock-in Agreement.