Papillon Holdings PLC Update on Investment & Raising by Convertible Loan (2004L)
21 Diciembre 2018 - 1:00AM
UK Regulatory
TIDMPPHP
RNS Number : 2004L
Papillon Holdings PLC
21 December 2018
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
21 December 2018
Papillon Holdings Plc ('Papillon' or 'the Company')
Update on Investment & raising up to GBP500k via a
Convertible Loan Note
Papillon Holdings plc, the London listed investment company, is
pleased to announce that it has executed a Share Purchase Agreement
to acquire a 50% interest in Pace Cloud Limited, the holding
company of CarCloud Community (www.carcloudcommunity.co.uk), a
fintech company focused on the used car market, which will be
executed upon Re-admission.
Additionally, the Company is raising up to GBP500k via the issue
of convertible loan notes ('Loan Notes'), which will be drawn down
as required by the Company; to date, GBP200k has been received. The
Loan Notes carry an interest coupon of 10 per cent pa over their
minimum term of 12 months, with a conversion price of 1.25 pence
per new Papillon ordinary share. The proceeds from the issue of the
Loan Notes will be used, in conjunction with existing resources, to
finance the costs initially incurred in connection with Pace Cloud
Limited.
The Investment constitutes a fundamental change in the business
of the issuer. Therefore, the Company will be submitting a full
information memorandum to the UK Listing Authority ('UKLA'), which
will be published in due course.
The Company continues to review other investments as part of its
stated strategy to invest in companies or assets in the industrial
and services sectors.
**ENDS**
For further information please contact the following:
Charles Tatnall Papillon Holdings ctatnall@btinternet.com
plc 07930 445 691
Isabel de Salis / St Brides Partners info@stbridespartners.co.uk
Cosima Akerman Limited +44 (0) 20 7236 1177
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR).
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END
MSCDMMZZLGNGRZM
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December 21, 2018 02:00 ET (07:00 GMT)
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