RE: Have we been taken for a ride?21 Nov 2025 17:21
@Nantes and other
£2 Million Convertible Funding Facility
On 25 June 2025, the Company announced Heads of Terms with an investment vehicle managed by Mr Sath Ganesarajah for a £2 million facility at 0% interest, maturing 31 December 2026 and convertible at 2p per share. On 29 August 2025, the Company executed a definitive agreement with Skylake Management LLP, a UK-domiciled investment vehicle. Activation of the facility and the initial drawdown remain subject to establishing a UK entity, a UK bank account, and institutional-grade bitcoin custody. These processes are in progress, and no completion date can yet be confirmed. The facility constitutes a related-party transaction under applicable rules.
How would we interpret part of the 30th of Sept RNS
1. Activation of the facility and the initial drawdown remain subject to establishing a UK entity. What does esbalishment of a UK entity means?
2. What does institutional-grade bitcoin custody means.