When is our election ?7 Nov 2022 13:58
At the same time, Magna has also agreed to invest up to an additional US$47.5m into Seeing Machines via a non-transferable 4-year convertible note
maturing in October 2026 (the “Convertible Note”). The Convertible Note, which can be drawn down in two tranches across the 4-year term, subject to
the satisfaction of certain closing conditions, is convertible into ordinary shares at a price of 11 British pence per share. The first tranche, being US$30m,
will be drawn at closing with the remainder available until December 2024. The Convertible Note has an all-in yield of 8%, inclusive of fees.
Magna may elect to convert the principal and at Seeing Machines’ election, interest outstanding under the Convertible Note at any time during its term,
up to a maximum of 349,650,350 shares which, when added to Magna’s existing shareholding in the Company, will represent approximately 9.9% of
the fully diluted share capital of the Company. The Convertible Note contains standard covenants, and anti-dilution provisions. The interest due at the
end of the facility can be paid in cash or converted into equity at Seeing Machines' election.