The Company has been notified that Paul Ryan, Non-Executive Chairman of the Company, has elected to convert his entire Convertible Loan Note (“CLN”) which was issued on 24 July 2020 into ordinary shares.
The CLN was for a principal amount of £35,334, has a conversion price of 0.28 pence and a 6% payment in kind coupon. Accordingly, Paul Ryan will be issued with 12,824,042 ordinary shares in the Company (“CLN Shares”) in full settlement of the loan and associated interest.
At the same time, Paul Ryan has exercised warrants associated with the CLN representing 12,618,928 ordinary shares in the Company, at 0.28 pence per warrant (“Warrant Shares”). Paul Ryan has also sold 12,821,995 ordinary shares in the Company.
Following these transactions, Paul Ryan’s shareholding in the Company will increase to 67,593,249 shares in the Company, representing 4.41% per cent. of the enlarged issued share capital and total voting rights of the Company.
Application has been made for the CLN Shares and Warrant Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings will commence at 8:00a.m. on or around 12 November 2020.
Following Admission, the Company will have 1,532,070,231 ordinary shares of 0.01p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,532,070,231.
The above figure of 1,532,070,231 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
