Business
Issue of £3.5 million of New Convertible Loan...
Issue of £3.5 million of New Convertible Loan....
About this update from Everest Global Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n 16 August 2024Everest Global plc(“Company”)Issue of £3.5 million of New Convertible Loan Notes The directors of the Company are pleased to announce that on 15 August 2024 the Company constituted a loan note instrument pursuant to which the Company may issue up to £50 million loan notes in tranches of integral multiples of £250,000 at any time. Each tranche of loan notes will have an initial term of 3 years from the date of the certificate being issued to the relevant noteholder (the “Loan Note Instrument”). Pursuant to the terms of the Loan Note Instrument the Company has issued 14 unsecured convertible loan notes (“CLNs”) to Surich Real Estate Opportunity Fund SPC (“SPC” or the “Noteholder” respectively) in an aggregate value of £3.5m. The Company will update the market on receipt of the funds which are expected the week ending 23 August 2024. SPC is wholly owned and controlled by Mr Ziwei Peng, Mr Peng is the owner and controller of Golden Nice International Group Limited, which holds a 24.55% interest in the issued share capital of the Company. Given Mr Peng’s holding in the Company, the issue of the CLNs to SPC is a related party transaction for the purposes of Rule 7.3 of the Disclosure Guidance and Transparency Rules. The Company is issuing the CLNs to fund the Company's working capital and capital expenditure requirements for the time being and in order to work towards executing its strategy to undertake one or more further acquisitions of businesses (either shares or assets) in the beverage distribution and production sector in the UK and the rest of Europe as set out in its prospectus dated 31 October 2023. The material terms of the Loan Note Instruments are: - the aggregate principal amount of the loan notes is limited to £50m and they will be issued in integral multiples of £250,000;- the loan notes issued pursuant to the Loan Notes Instrument are unsecured;- the term of each tranche of loan notes is 3 years from the date of the certificate of the applicable loan notes;- they are convertible into ordinary shares of £0.02 each in the issued share capital of...