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.
18 November 2024
RentGuarantor Holdings
PLC
(the "Company" or
"RentGuarantor")
Proposed Issue of Convertible 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
continues to enjoy strong growth in 2024 and has won several major
contracts that will continue to see the business grow during
2025.
RentGuarantor is pleased to announce the
Company's proposed offering of up to £500,000 10% coupon
unsecured convertible loan notes ("Convertible Loan
Notes").
It is anticipated that the Convertible Loan
Notes will be issued on the following principal terms:
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·
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The Convertible Loan Notes to carry a coupon of
10% per annum and interest to be paid yearly
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·
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The Company to be able to convert
the principal sum into fully paid Ordinary Shares at the lower of
the share price of the Ordinary Shares of the Company on the day
falling 10 business days after the service of a conversion notice
(the "Conversion Date") and the average price of the Ordinary
Shares traded on the Aquis Stock Exchange (or other applicable
stock exchange) when calculated across the sixty consecutive days
prior to the Conversion Date
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·
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The Convertible Loan Notes, if not
converted, to be redeemable after 2 years
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The Board of RentGuarantor is proposing to use
the proceeds to accelerate growth of the business during 2025.
Specifically, the funds are expected to be used to expand the
workforce to meet the increased demand for professional rent
guarantor services.
To register your interest in the proposed issue
of Convertible Loan Notes, email investors@rentguarantor.com
Record
Performance and Target Achievement
Throughout 2024, RentGuarantor has exceeded its
target for new users, letting agents, and landlord clients.
Specifically, it has grown its user base beyond 25,000 new users
per month and expanded its professional rent guarantor services to
over 1,100 letting agents in the UK.
This strong performance reflects the Company's
continued investment in business development and strategic
partnerships, as well as its dedication to providing solutions that
meet the evolving needs of tenants, landlords, and letting agents
alike.
Demand Driven
by Regulatory Changes
With the upcoming Renters' Rights Bill expected
to introduce new legislative requirements for the rental market,
RentGuarantor anticipates further demand for its professional rent
guarantor services. These regulatory changes are likely to drive
increased demand, as both tenants and landlords seek secure and
compliant rental solutions in an increasingly complex regulatory
environment.
Outlook for
2025
With a solid pipeline of partnerships and
continued business development efforts, along with the additional
capital raised from the proposed Convertible Loan Notes,
RentGuarantor is expected to be well-positioned to accelerate its
growth in 2025.
Paul Foy, CEO
of RentGuarantor, said: "Our performance in
2024 has set a solid foundation for future growth. With the
increasing demand for professional guarantor services in the UK,
RentGuarantor is well-positioned to become a leading provider in
the market in 2025."
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 (0) 20 8064 4056
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.