RE: RNS............18 Sep 2020 09:50
In the interim, EHGOF remains free to convert the outstanding loan notes and/or exercise warrants already issued to EHGOF, although it can only do so within the limits of the level of authority that was granted to the Company at its general meeting held on 27 February 2020 and as fully set out in the prospectus dated 25 March 2020. In summary, the Company was granted authority to issue new ordinary shares of £0.00001 each in the capital of the Company ("Ordinary Shares") up to an aggregate nominal amount of £300,000 as if the pre-emption rights contained in the Companies Act 2006 did not apply, which would enable a total limit of 30,000,000,000 new Ordinary Shares to be issued, with a limit on the number of new Ordinary Shares that can be issued on an exercise of the issuance warrants of 6,900,000,000 and a limit on the number of new Ordinary Shares that can be issued on a conversion of loan notes and warrants issued under the Financing and Settlement Agreement of 23,100,000,000. Before any additional new Ordinary Shares over and above these amounts can be issued, the Company would require prior shareholder approval to be given and it is the intention of the Company to replace the Financing and Settlement Agreement rather than ask for such approvals.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service , this inside information is now considered to be in the public domain.
**ENDS**
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