.11 Apr 2024 17:31
From July last year. Does this mean if they can't pay the loan that the company is secured on , the Chinese investor ends up getting it.
Proposed issue of GBP2.2 million of 10% Secured Convertible Loan Notes to strategic investor WHI in two tranches of GBP1,466,666.67 and GBP733,333.33 respectively.
-- The net proceeds of the issue of the 2025 Convertible Loan Notes will provide much needed additional working capital to support the Company's plans for continued expansion.
-- The 2025 Convertible Loan Notes will be secured by way of a debenture which contains fixed and floating charges over the assets of the Company; security to be granted over the Company's wholly owned Singapore incorporated subsidiary; and a charge to be granted over up to 75 per cent. of the ordinary shares of GBP0.01 each in the capital of the Company ("Ordinary Shares") held by the Company's chief executive officer, Tony Burt.