AAA RNS7 Dec 2016 12:49
("All Asia Asset Capital", "AAA" or the "Company")
Convertible Loan
Further to the announcement of 2 November 2016, All Asia Asset Capital Limited (AIM: AAA), an investment company focused on investing in the growing markets of the Asia Pacific region, announces that the Company has received £100,000 in the form of a convertible loan (the "Loan"). The Loan has been provided by Nature Cove Holdings Limited (the "Lender"), which is controlled by a shareholder in the Company.
The Loan's principal amount is to be repaid by the second anniversary of the Loan, together with all interest accrued thereon. The Loan is unsecured and bears annual interest at a rate of 15%, which is to be paid on an annual basis until full repayment. All accrued but unpaid interest shall become immediately payable in the event of the Loan's early repayment.
The Loan's outstanding principal amount and accrued but unpaid interest is to be convertible into new ordinary shares in the capital of the Company at the option of the Lender at any time during the term of the Loan, but also in circumstances of default. Conversion shall take place at the lower of three pence or at the price of the Company's ordinary shares on AIM at the point of conversion.
The Board intends for the Loan to be a source of shorter-term financing for the Company and the Board is currently seeking longer-term sources of financing. Further announcements will be made as appropriate.