Business
Financing,Financial Restructuring & Trading Update
Financing,Financial Restructuring & Trading Update.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n \n \n \n \n 23 December 2022\n \n \n \n Cindrigo Holdings Limited\n \n \n \n ('Cindrigo' or the 'Company')\n \n \n \n \n \n \n Financing, Financial Restructuring and Trading Update\n \n \n \n \n \n \n Cindrigo Holdings Limited (LSE: CINH) is pleased provide an update as part of the Company's intended application for re-admission to trading on the London Stock Exchange.\n \n \n \n \n \n In order to ensure that the Company has sufficient working capital to satisfy listing requirements, and to support the Company's on-going development, the Company has, subject to execution of documentation, reached agreement with Danir AB, (\"Danir\") the Company's largest shareholder and creditor, to provide new funding and to restructure short-term debt of £4,277,513 into long-term convertible loans, details of which are set out below,\n \n \n \n \n \n Danir has provided additional loan funding of £750,000 following the failure by BK Fortuna AS to provide its agreed funding (announced on 30 September 2022). The funding is to be by way of a 24-month convertible loan with an interest rate payable of 5% per annum. This convertible loan will, subject to certain restrictions, be convertible into ordinary shares from 60 days after the Company is readmitted to listing, with a conversion price equal to the higher of a 25% discount to the 30-day volume weighted average share price, or the minimum price per share of 125p per share. The terms of the loan will prevent the exercise of any the conversion rights if such conversion would result in Danir's holding of shares and voting rights in the Company increasing to 30% or more. Danir currently holds 29% of the Company's ordinary shares and voting rights.\n \n \n \n \n \n The existing £3,800,900 debt funding from Danir AB will be restructured and replaced by the issue of new 10-year zero coupon convertible loan notes with a conversion price of 15p per share, which if converted will result in the issue of 25,339,333 new ordinary shares. Conversion of the new loan notes will also be restricted where it would result in Danir's holding of shares and voting rights in the Company increasing to 30% or more.\n \n \n \n \n \n Th...