The information contained within this
announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014
as it forms part of UK domestic law by virtue of
the European
Union (Withdrawal) Act 2018. Upon the publication of this
announcement via the Regulatory Information Service,
this inside information is now considered to be in the public
domain.
6 March 2024
RentGuarantor Holdings
PLC
(the "Company" or
"RentGuarantor")
Subscription and Conversion of Loan
Notes
RentGuarantor
(AQSE: RGG), a provider of rent guarantee
services to prospective tenants across the socio-economic spectrum
wishing to rent property in the UK private rental sector, is
pleased to announce that it has raised gross proceeds of £430,328
from a number of investors through the subscription of 157,054 new
ordinary shares ("Subscription Shares") at the full market price of
£2.74 per share ("Subscription Price") ("Subscription") under
existing unspent share authorities.
Paul Foy, CEO of RentGuarantor, subscribed to
91,241 new ordinary shares and Prof. David Cliff, Non-Executive
Director of RentGuarantor, subscribed to 11,000 new ordinary shares
through his wholly owned company, Syritta Ltd.
It is expected that the funds raised will be
used for additional staff hires.
As announced on 8 June 2022, convertible loan
notes were subscribed by Paul Foy, CEO of RentGuarantor, in an
amount of £500,000. The Company is pleased to announce that it has
received notice to convert £250,000 of the convertible loan notes
in accordance with the terms of the convertible loan notes, at the
price of £2.10 per share in exchange for the issue
of 119,048 new ordinary shares in the Company ("Conversion
Shares"). The conversion reduces outstanding debt and improves
RentGuarantor's cash position.
Application has been made for the Subscription
Shares and the Conversion Shares to be admitted to trading on the
Aquis Stock Exchange Growth Market on or around 11 March 2024
("Admission") and the Subscription Shares and Conversion Shares
will rank pari passu with the ordinary shares of the Company in
issue.
Following Admission, Paul Foy, CEO of
RentGuarantor will own 4,670,200 ordinary shares, directly and
indirectly through his wholly owned companies, Southpaw Ltd and
Ruvso Holdings Ltd, which represents 39.39% of the Company's voting
rights.
Following Admission, Prof. David Cliff,
Non-Executive Director of RentGuarantor will own 11,000 ordinary
shares indirectly through his wholly owned company, Syritta Ltd,
which represents 0.093% of the Company's voting rights.
On Admission the Company will have 11,857,277
ordinary shares in issue, each ordinary share with one voting
right. This number should be used by shareholders as the
denominator for the calculation by which shareholders will
determine if they are required to notify their interest in, or a
change to their interest in the Company.
The Company intends to raise further capital in
this round and is in discussions with other shareholders and
potential new investors about participation in the Subscription,
and consequently, the Subscription will remain open to new and
existing shareholders, at the Subscription Price, until 30 April
2024.
Paul Foy, CEO
of RentGuarantor, said:
"We are
delighted to have achieved our target of over £400k in our
subscription, and to further support the growth of the business I
have also decided to subscribe for additional
shares.
The capital
raised will be used to hire additional staff to assist
in supporting the company's continued fast growth and
the onboarding of the many new business partnerships
enquiries".
Ends
For further information please
contact:
RentGuarantor
Holdings PLC
Paul Foy, Chief Executive
Officer
+44 207 193 4418
Alfred Henry
Corporate Finance Limited (AQSE Corporate
Adviser)
Nick Michaels
Maya Klein
Wassink
+44 20 3772 0021
Zeus (Joint
Broker)
Simon Johnson (Corporate Broking)
James Hornigold (Investment Banking)
+44 203 829 5000
Oberon Capital
(Joint Broker)
Mike Seabrook
Nick Lovering
+44 (0) 203 179 5300
BlytheRay
(Financial PR)
Tim Blythe
Megan Ray
+44 207 138 3204
About
RentGuarantor
RentGuarantor provides a rent guarantee service
to tenants wishing to rent property in the UK from the Private
Rental Sector ("PRS"). It is an online service where applications
are managed on a secure and bespoke digital platform designed and
built by the Company. The goal is to make the process as simple as
possible, with applications only taking a few minutes and
RentGuarantor completing the application on the same
day.
RentGuarantor supplies its service to the whole
of the market - students, both from the UK and overseas, employed
people and people on benefits including Universal Credit, ensuring
that everyone has the opportunity to live in their dream rental
home.