....26 Jan 2018 11:35
The Equity Sharing Agreement
The Equity Sharing Agreement provides for a monthly payment to be made by the Syndicate to the Company, being �47,916 for the first 11 months and �47,924 in the twelfth and final month (the "Monthly Payment"). This payment may be adjusted up or down depending on whether the average of the lowest ten daily volume weighted average prices of the Ordinary Shares during the relevant month (the "Monthly Price") is above or below 0.11 pence per Ordinary Share (the "Benchmark Price"). If the Monthly Price is below the Benchmark Price, then the Monthly Payment is reduced based on the following formula:
�47,916 - (83,333,333 Ordinary Shares x (Benchmark Price-Market Price))
If the Monthly Price is above the Benchmark Price, then the Monthly Payment is increased based on the following formula:
�47,916 + (83,333,333 Ordinary Shares x (Market Price- Benchmark Price) x 0.75)
Note: The Monthly Payment and number of Ordinary Shares used in the above calculations will be �47,924 and 83,333,337 respectively in the twelfth and final month.