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
| 14 March 2024 | |
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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:
| Symphony Environmental Technologies Plc | |
| Michael Laurier, CEO | Tel: +44 (0) 20 8207 5900 |
| Ian Bristow, CFO | |
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| Zeus (Nominated Adviser and Joint Broker) | |
| David Foreman, Kieran Russell (Investment Banking) | Tel: +44 (0) 161 831 1512 |
| Dominic King, Victoria Ayton (Sales) | 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.
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