Angelfish Investments Plc - Further Update on Loan Agreement
PR Newswire
London, January 2
Angelfish Investments Plc ("Angelfish" or "the Company")
Further Update on Loan Agreement and Repayment Terms
2 January 2019
The Directors of Angelfish announce the following further update on the convertible loan of £150,000 ("the "Loan") to Rapid Nutrition Plc ("Rapid").
Rapid is a natural healthcare company focused on research, development and production of a range of life science and nutraceutical products and is listed on the SIX Swiss Exchange, Zurich. Prior to the Loan being granted in September 2017, Rapid had appointed corporate advisors with a view to working towards obtaining a listing in London ("Admission").
The terms of the Loan stated that should Admission not occur by 28 February 2018 (the "Admission Delay Date"), then the Loan would become secured over the assets of Rapid and repayable in instalments over the following 18 months and the rolled-up interest to 28 February 2018 would be payable on 31 March 2018.
On 1 May 2018, Angelfish announced that due to matters outside of Rapid's control, the Admission process was taking longer than anticipated. In recognition of this, it was agreed to extend the Admission Delay Date to 31 July 2018 and that from 1 March 2018, Rapid would pay interest, monthly in arrears. All other aspects of the Loan Agreement remained the same.
Admission has still not occurred and Angelfish and Rapid have now agreed to amend the terms of the Loan as follows:
Repayment of the principal amount will be made in 9 equal monthly instalments of £16,666.67 starting on 31 January 2019, though Rapid may, at its sole discretion, repay some or all of the Loan earlier and, if it so does then this will be credited against the next monthly instalment;
Interest on the outstanding principal amount shall continue to accrue at a rate of 15% and to be repaid monthly in arrears until the Loan is redeemed in full; and
Interest rolled up in respect of the period ending 28 February 2018 is to be settled by the immediate issue and allotment of 50,000 fully paid ordinary shares in Rapid at £0.134413 per share to Angelfish in lieu of the amount outstanding of £6,720.65.
In consideration for Angelfish agreeing to the amended repayment terms of the Loan, Rapid shall pay a fee equal to £26,640 to be satisfied by the immediate issue and allotment of 200,000 fully paid ordinary shares in Rapid to Angelfish.
Angelfish has agreed that the Loan will be unsecured unless Rapid fails to repay the Loan in accordance with these amended terms.
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of the Company take responsibility for this announcement.
-ENDS-
Enquiries:
Angelfish Investments Plc +44 (0)7771 013116
Richard Walker
Director
Cairn Financial Advisers LLP +44 (0)207 213 0880
NEX Exchange Corporate Adviser
David Coffman / Richard Nash
About Angelfish Investments plc
The Company's Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preference Shares.
