Business
Result of Noteholders' Meeting & Accounts Update
Result of Noteholders' Meeting & Accounts Update.
About this update from Eight Capital Partners Plc
[{"type":"text","content":"\n\n11 August 2023\n\n \nEight Capital Partners plc\n(\"ECP\", \"Eight Capital\" or \"the Company\")\n \n \nResult of General Meeting of Noteholders of the Company's €10,000,000 4.8% Fixed Rate Notes due 3 September 2026 (ISIN XS2027405880)\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, is pleased to announce that, at a meeting of the holders of the Company's €10,000,000 4.8% Fixed Rate Notes due 3 September 2026 (ISIN XS2027405880) (\"Notes\") held yesterday in London, the Extraordinary Resolution was passed with the approval of 82% of those voting. As a result of the passing of this resolution, with effect from 3 September 2023 (the \"Implementation Date\"), all Notes, together with the interest payment due on 3 September 2023, will be converted into new ordinary shares in ECP (\"Conversion Shares\"). The Notes account for the majority of the Company's debt and, therefore, following the issue of the Conversion Shares, outstanding debt in the Company will be significantly reduced.\n \nThe price of the Conversion Shares will be calculated by reference to the volume weighted average price (VWAP) per share of the last ten trading days before the Implementation Date. Assuming yesterday's £/€ exchange rate and share price, this would result in the issue of approximately 25.9 billion new ordinary shares, representing approximately 13.8 per cent. of the so enlarged issued share capital.\n \nAdmission of the Conversion Shares to trading on the AQSE Growth Market is expected to occur on or around 5 September 2023 and the Company will make a further detailed announcement prior to admission.\n \nThe Company also wishes to update the Market on the delayed publication of the 2022 Annual Report and Accounts (\"Accounts\") and the re-issuing of the 2021 Accounts. It is pleased to confirm that the FRC and ECP have agreed all the proposed revisions to both sets of Accounts and the auditors are concluding their work. The Board expects to release the results shortly, which will be followed by the lifting of the suspension and resumption in the trading of the Company's shares.\n \nThis announcement contains inside information for the ...