RE: Please6 May 2021 17:24
The Company currently has loans outstanding of €29.0 million from SFN and €53.7 million from Mr Falih Nahab, including principal and interest. As announced on 23 June 2020, these are part of financing facilities provided by SFN and Mr Falih Nahab, which expire on 31 December 2021. Interest on these loans is charged at 10% and the interest, but not the principal, is convertible at the option of SFN and Mr Falih Nahab into ordinary shares of the Company ("Ordinary Shares"). At 30 June 2020, £18.12 million of accrued interest was convertible at 2p per Ordinary Share. As interest from 1 July 2020, as announced below, will no longer be convertible, there will be no interest convertible to shares at 48p, as announced on 23 June 2020.