The
information communicated within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. It forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement, this information is
considered to be in the public domain
SYMPHONY ENVIRONMENTAL TECHNOLOGIES
PLC
("Symphony" or the "Company")
Extension to Convertible Loan
Agreements
Symphony Environmental Technologies Plc (AIM: SYM),
global specialists in technologies that make plastic
products "smarter, safer and sustainable", is
pleased to announce extensions to the two existing £1.0m
convertible loan agreements entered into with Sea Pearl
Ventures Limited ("Sea Pearl") (together, the "CLAs") from 30
September 2024 to 31 December 2025.
The other key terms of the CLAs, which were
originally announced on 13 March 2023 and 18 October 2023
respectively, are unchanged.
The key terms of the updated CLAs are repeated below
for completeness:
· CLAs total drawn
principal: £1.5 million (unsecured)
· If not repaid on
or before 31 December 2025, conversion on that date
·
Conversion price: 80% of the volume-weighted
average share price for the 3 months prior to 31 December
2025
· Interest: 7% per
annum, payable as accrued on repayment and/or conversion
· Repayment of the
CLAs, in full or in part solely at Symphony's discretion
Sea Pearl is based in the Bahamas and is
currently interested in 17.4% of Symphony's issued share capital.
As Sea Pearl is a substantial shareholder, extension of the CLAs is
deemed to be a related party transaction pursuant to Rule 13 of the
AIM Rules for Companies. Accordingly, the board of
directors of the Company consider, having consulted with the
Company's nominated adviser, that the extension of the CLAs is fair
and reasonable insofar as the Company's shareholders are
concerned.
Enquiries:
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Symphony
Environmental Technologies Plc
|
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Michael Laurier, CEO
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Tel: +44 (0)
20 8207 5900
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Ian Bristow, CFO
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www.symphonyenvironmental.com
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Zeus
(Nominated Adviser and Joint Broker)
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David Foreman, Kieran Russell (Investment
Banking)
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Tel: +44 (0)
161 831 1512
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Dominic King, Victoria Ayton (Sales)
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Tel: +44 (0)
203 829 5000
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The person responsible for arranging the release of
this information is Michael Laurier, CEO of the Company.