RE: Shocking.12 Aug 2022 19:11
In connection with the Placing, the Company will also grant investors in the Placing 1.07 warrants for every one Placing Share subscribed for ("Warrants"). No fractional part of a Warrant will be issued and fractional entitlements will be rounded down to the nearest whole number. Each Warrant gives the holder the right to subscribe for one new Ordinary Share at a price of 0.25 pence per Ordinary Share (the "Strike Price") at any time until the second anniversary of issue (the "Warrant Exercise Period").
So its a 2 4 1 placing.... At 0.25 P
Under the LO Agreement, LO has conditionally agreed to the conversion of accrued interest on the LO Facility into new Ordinary Shares for the periods Q3 2021 to 31 October 2022 inclusive, at a conversion price of 0.25 pence per new Ordinary Share ("LO Interest Conversion"). Accordingly, the Company has agreed to issue to LO 213,949,943 new Ordinary Shares (the "LO Interest Conversion Shares"). The LO Interest Conversion Shares will rank pari-passu with the Company's existing Ordinary Shares.
Another shed load in lieu of interest (that they would never have got as the company aint solvent!
The Company also proposes to seek the approval of the holders of the Company's Luxembourg listed EUR 20.0m 8.0% secured notes (the "Notes") for, inter alia, the conversion of 50% of the Notes and all accrued interest thereon into new Ordinary Shares, an extension of the term of the remaining Notes to 2032 and a significant reduction in coupon for the remainder of the term (the "Note Restructuring" and, together with the LO Agreement, the "Proposed Debt Restructuring"). Further details of the Proposed Debt Restructuring are set out in Appendix I below.
Again more dilution in lieu of interest
Its hard to add it all up but basically, you are left with a very small percentage of the company once all this is said and done.. Its wipe out in all but name... And there is still a fair chunk more debt to go.. These muppets have no idea how to get it paid back...
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