Business
Subscription and Conversion of Loan Notes
Subscription and Conversion of Loan Notes.
About this update from Rentguarantor Holdings Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n6 March 2024\nRentGuarantor Holdings PLC\n(the \"Company\" or \"RentGuarantor\")\nSubscription and Conversion of Loan Notes\n \nRentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the UK private rental sector, is pleased to announce that it has raised gross proceeds of £430,328 from a number of investors through the subscription of 157,054 new ordinary shares (\"Subscription Shares\") at the full market price of £2.74 per share (\"Subscription Price\") (\"Subscription\") under existing unspent share authorities.\nPaul Foy, CEO of RentGuarantor, subscribed to 91,241 new ordinary shares and Prof. David Cliff, Non-Executive Director of RentGuarantor, subscribed to 11,000 new ordinary shares through his wholly owned company, Syritta Ltd.\nIt is expected that the funds raised will be used for additional staff hires.\nAs announced on 8 June 2022, convertible loan notes were subscribed by Paul Foy, CEO of RentGuarantor, in an amount of £500,000. The Company is pleased to announce that it has received notice to convert £250,000 of the convertible loan notes in accordance with the terms of the convertible loan notes, at the price of £2.10 per share in exchange for the issue of 119,048 new ordinary shares in the Company (\"Conversion Shares\"). The conversion reduces outstanding debt and improves RentGuarantor's cash position.\nApplication has been made for the Subscription Shares and the Conversion Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 11 March 2024 (\"Admission\") and the Subscription Shares and Conversion Shares will rank pari passu with the ordinary shares of the Company in issue.\nFollowing Admission, Paul Foy, CEO of RentGuarantor will own 4,670,200 ordinary shares, dire...