Convertible Loan Notes On 13 December 2019, the Company constituted a convertible loan notes instru25 Feb 2021 07:35
Convertible Loan Notes
On 13 December 2019, the Company constituted a convertible loan notes instrument to issue unsecured convertible loan notes ("Notes") up to an aggregate amount of £420,000 (the "Instrument"). On the same date, Mr. Stanley Hutton Rumbough subscribed for £210,000 of Notes for cash and was granted an option to subscribe for £110,000 in additional Notes ("Option").
The Company and Mr. Stanley Hutton Rumbough mutually agreed to extend the deadline for the exercise of the original Option and restate and reissue the Option on its new terms. In addition, the Company has amended the Instrument so that it can issue Notes up to an aggregate amount of £800,000 and to make some other minor changes.
On 5 June 2020, Mr. Stanley Hutton Rumbough exercised his Option by subscribing for £100,000 of Notes in the Company. The Option has now been fully exercised and the remaining proportion cancelled. The Company has granted to Mr. Stanley Hutton Rumbough a new option to subscribe for up to £250,000 of Notes under the terms of the Instrument (as amended) on or before 30 November 2021.