Business
Thalassa leads investment in Tappit Technologies
Thalassa leads investment in Tappit Technologies.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 8159D\n Thalassa Holdings Limited\n 02 November 2020\n \n \n \n Thalassa Holdings\n \n \n Convertible Loan Note Investment in Tappit Technologies (UK) Limited\n \n \n Thalassa Holdings Limited\n \n \n 2 November 2020\n \n \n \n \n \n \n \n Thalassa Holdings Ltd\n (Reuters: THAL.L, Bloomberg: THAL:LN)\n (\"Thalassa\", \"THAL\" or the \"Company\")\n Thalassa leads £7.8m investment in Tappit Technologies (UK) Limited (\"Tappit\")\n This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.\n The Board of Thalassa is pleased to announce that the Company has acted as lead investor in Tappit's £7,800,000 Convertible Loan Notes (\"CLNs\") offering.\n Thalassa invested £3,000,000 in the CLNs. A further £905,000 was invested in the CLNs by existing Tappit shareholders and new investors. The total investment of £3,905,000 was matched by the \"Future Fund\", a UK Government initiative to provide support to innovative UK companies with good potential, which are currently affected by COVID-19.\n Key Terms\n The key terms of the CLNs are as follows:\n \n ·\n Coupon of 8% per annum (simple interest) accruing over the term of the CLNs and settled (at Tappit's option) either by conversion into the most senior class of shares then in issue, or in cash.\n \n ·\n Term of 36 months with no early repayment by Tappit other than with the agreement of all of the CLN investors.\n \n ·\n During the term of the CLNs, the conversion price per share will be the lowest price paid by any new investors in fund raisings by Tappit with a 20% discount applied. Should Tappit elect for the accrued interest on the outstanding CLNs to convert, the discount will not be applied to the interest portion of the loan.\n \n Duncan Soukup, chairman of Thalassa, said:\n \"Tappit is a global leader in payment and data ecosystems for the events, sports and entertainment industry. With recent partnerships including Kansas City Chiefs and Jacksonville Jaguars we are delighted to be working with such an ambitious and exciting fintech scale up.\"\n \"Whilst Covid-19 is currently restricting attendance at events, the pandemic has simultaneously accelerated the adoption of cashless solutions around the world. Organisations are clear...