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Eight Capital Partners Plc
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Eight Capital Partners Plc
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Eight Capital Ptnrs. - Fundraise Update, Issue of Equity & TVR
24th November 2022, 14:05
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RNS Number : 5421H
Eight Capital Partners PLC
24 November 2022
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of the announcement via a regulatory information service, this information is considered to be in the public domain.
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24 November 2022
Eight Capital Partners plc
("ECP", "Eight Capital" or "the Company")
Update on Fundraise: conversion of EUR 33.77 million of private and listed debt
Eight Capital partners plc, the financial services operating company that aims to grow revenue through businesses engaged in "Fintech" operations including in the digital banking and lending, and, asset and wealth management ("WealthTech") sectors, is pleased to provide the following update on its up to £10 million placing and broker option, and, debt conversion process (together, the "Fundraise"), announced on 3 November 2022.
The Fundraise forms the next important step for ECP to progress its stated strategy of becoming a significant Fintech operating group and increasing its market capitalisation to more than £50 million. The Fundraise comprises three elements: (i) a conversion option for existing bondholders ("Conversion Option"); (ii) a broker option for existing shareholders ("Broker Option"); and (iii) a placing to institutional and professional investors ("Placing").
The Conversion Option gives existing bond and debt holders the opportunity to convert their debt holdings into equity on the same terms as all other investors in the capital raise. This has been well received amongst existing bondholders and the Company has entered into conversion agreements with existing bondholders to convert €3,850,000 of existing bonds into equity. As stated in the Company's circular of 29 September 2022 ("Rule 9 Circular"), IWEP Limited has completed the transfer of its shareholding and receivables in the Company to Trumar Capital LLC ("Trumar"), a company of which Dominic White and Susan White are the sole members, such that there has been no change in the ultimate beneficial owner as a result of the transfer. Trumar, as the Company's largest shareholder and debt holder, remains committed to converting debt held by it and it will therefore convert a further €29.92 million of debt alongside the other converting bondholders.
The total debt conversion of €33.77 million (approximately £29.2 million at an exchange rate of €1.1547:£1) will be converted on the same terms as the conversions set out in the Rule 9 Circular, resulting in the issue of 146,228,457,606 new ordinary shares (