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Update on Investment & Raising by Convertible Loan

21 Dec 2018 07:00

RNS Number : 2004L
Papillon Holdings PLC
21 December 2018
 

Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment

21 December 2018

Papillon Holdings Plc ('Papillon' or 'the Company')

Update on Investment & raising up to £500k via a Convertible Loan Note

 

Papillon Holdings plc, the London listed investment company, is pleased to announce that it has executed a Share Purchase Agreement to acquire a 50% interest in Pace Cloud Limited, the holding company of CarCloud Community (www.carcloudcommunity.co.uk), a fintech company focused on the used car market, which will be executed upon Re-admission.

 

Additionally, the Company is raising up to £500k via the issue of convertible loan notes ('Loan Notes'), which will be drawn down as required by the Company; to date, £200k has been received. The Loan Notes carry an interest coupon of 10 per cent pa over their minimum term of 12 months, with a conversion price of 1.25 pence per new Papillon ordinary share. The proceeds from the issue of the Loan Notes will be used, in conjunction with existing resources, to finance the costs initially incurred in connection with Pace Cloud Limited.

 

The Investment constitutes a fundamental change in the business of the issuer. Therefore, the Company will be submitting a full information memorandum to the UK Listing Authority ('UKLA'), which will be published in due course.

 

The Company continues to review other investments as part of its stated strategy to invest in companies or assets in the industrial and services sectors.

 

**ENDS**

 

For further information please contact the following: 

 

Charles Tatnall

Papillon Holdings plc

ctatnall@btinternet.com

07930 445 691

Isabel de Salis /

Cosima Akerman

 

St Brides Partners Limited

info@stbridespartners.co.uk

+44 (0) 20 7236 1177

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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