RE: Another 500k11 Jan 2021 07:56
Did they PIK the November interest. I see no update
8th Oct RNS
"BlackRock Additional US$7m Loan Facility and Amendment Update"
"As reported on 1 September 2020, W and BlackRock had agreed for W to pay BlackRock interest by way of payment in kind ("PIK") for the May 2020 and August 2020 interest payments under the Loan Facility and, at W's option, the November 2020 interest payment. This PIK Loan Facility amendment has now been finalised along with the agreement to increase the Loan Facility by an additional US$7m which is subject notarisation in Spain and Portugal.
Under the amendment agreement, warrants to subscribe for 96,000,000 ordinary shares of 0.1p each on a 1:1 basis in the Company at a strike price of 0.36p (equivalent to 1.2% of the fully diluted capital of the Company) were issued for the May 2020 PIK payment and warrants equivalent to 2% of the fully diluted capital of the Company will be issued for the August 2020 PIK payment. Should W PIK the November 2020 interest payment, it will issue warrants equivalent to 3% of the fully diluted capital of the Company. In addition, warrants equivalent to 3.5% of the fully diluted share capital of the Company will be issued in consideration of the increase in the Loan Facility. All shares issued under the warrant agreement rank pari passu."