Business
Notice of GM & Proposal to Convert Loan Notes
Notice of GM & Proposal to Convert Loan Notes.
About this update from Eight Capital Partners Plc
[{"type":"text","content":"\n\n24 July 2023\n\n \nEight Capital Partners plc\n(\"ECP\", \"Eight Capital\" or \"the Company\")\n \nNotice of General Meeting of Noteholders\n \nResolution to propose conversion of €10,000,000 4.8% Notes ISIN XS2027405880 due 3 September 2026 plus interest payment due 3 September 2023 into New Ordinary Shares in ECP\n \nEight Capital Partners plc (AQSE: ECP), the financial services operating company that aims to grow revenue through businesses engaged in \"Fintech\" operations including in the digital banking and lending sectors, advises shareholders that, as part of its proactive balance sheet re-organisation, it has distributed a consent solicitation memorandum (\"the Memorandum\") to all holders of the Company's €10,000,000 4.8% notes with reference ISIN XS2027405880 due to mature on 3 September 2026 (\"the Notes\").\n \nThe Memorandum asks Noteholders to consider, and if thought fit, approve the conversion of all Notes into new ordinary shares in ECP with effect from 3 September 2023 (the \"Implementation Date\"), and, that the Note interest payment, due 3 September 2023, also be settled by the issue of new ordinary shares (together \"the Proposal\"). If the Proposal is approved, the final interest payment made under the Notes will be on 3 September 2023 and it will be settled in the Company's ordinary shares.\n \nGeneral Meeting\nECP is seeking approval for the Proposal by way of an Extraordinary Resolution to be proposed at a general meeting of Noteholders (\"the Meeting\"). A notice convening the Meeting, to be held at 11.00am on Thursday, 10 August 2023 at 50 Sloane Avenue, London SW3 3DD has been distributed in accordance with the conditions governing the issuing of the Notes.\n \nBackground to and Reasons for the Proposal\nThe Company has a total of €10,000,000 outstanding 4.8% Notes due 3 September 2026, with ISIN XS2027405880 comprising two issues, of which €5,000,000 were issued on 26 July 2019 and €5,000,000 on 20 May 2022.\n \nIn the Notes' agreement, ECP envisaged that Noteholders could be given the opportunity to convert their Notes into equity. Firstly, this would give them exposure to the growth potential of the business as its strategy develops on the back of the recent strengthening of the Company's balance sheet. Secondly, bond...