Business
£3.0 million received from subscription of Ne...
£3.0 million received from subscription of Ne....
About this update from Everest Global Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n 28 August 2024Everest Global plc(“Company”)£3.0 million received from subscription of New Convertible Loan Notes The directors of the Company refer to the announcement of 15 August 2024 whereby the Company constituted a loan note instrument pursuant to which the Company may issue up to £50 million convertible loan notes (“CLNs”) in tranches of integral multiples of £250,000 at any time. Each tranche of CLNs will have an initial term of 3 years from the date of the certificate being issued to the relevant noteholder (the “Loan Note Instrument”). The Company announced that it had issued 14 unsecured CLNs to Surich Real Estate Opportunity Fund SPC (“SPC” or the “Noteholder” respectively) in an aggregate value of £3.5m. Subsequently, the Noteholder and the Company agreed that £3.0m of funds would be sufficient for the Company’s current working capital requirements and accordingly, the subscription was amended to comprise 12 CLNs and the Company today confirms that £3.0 million in relation to these CLNs has been received into the Company’s bank account. The Noteholder has indicated that should the Company require further funding it would be amenable to subscribe for more, should their circumstances permit. 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 CLNs are: - the aggregate principal amount of the CLNs is limited to £50m and they will be issued in integral multiples of £250,000;- the CLNs issued pursuant to the Loan ...