Fragrant Prosperity Holdings Ltd Convertible Loan Notes and grant of Options (2319P)
08 Giugno 2020 - 8:50AM
UK Regulatory
TIDMFPP
RNS Number : 2319P
Fragrant Prosperity Holdings Ltd
08 June 2020
FOR RELEASE ON MONDAY 8(th) JUNE AT 7am
Fragrant Prosperity Holdings Limited
("FPP" or the "Company")
Convertible Loan Notes and grant of Options
Fragrant Prosperity Holdings Limited (the "Company") announces
it has issued convertible loan notes for a total consideration of
GBP100,000 to be used for general working capital purposes and to
continue its chosen strategy of seeking suitable acquisition
targets and/or investments.
Convertible Loan Notes
On 13 December 2019, the Company constituted a convertible loan
notes instrument to issue unsecured convertible loan notes
("Notes") up to an aggregate amount of GBP420,000 (the
"Instrument"). On the same date, Mr. Stanley Hutton Rumbough
subscribed for GBP210,000 of Notes for cash and was granted an
option to subscribe for GBP110,000 in additional Notes
("Option").
The Company and Mr. Stanley Hutton Rumbough mutually agreed to
extend the deadline for the exercise of the original Option and
restate and reissue the Option on its new terms. In addition, the
Company has amended the Instrument so that it can issue Notes up to
an aggregate amount of GBP800,000 and to make some other minor
changes.
On 5 June 2020, Mr. Stanley Hutton Rumbough exercised his Option
by subscribing for GBP100,000 of Notes in the Company. The Option
has now been fully exercised and the remaining proportion
cancelled. The Company has granted to Mr. Stanley Hutton Rumbough a
new option to subscribe for up to GBP250,000 of Notes under the
terms of the Instrument (as amended) on or before 30 November
2021.
Fees and Issue of Options
For services provided to the Company in connection with the
subscription for Notes, Stonedale Management and Investments
Limited (a company controlled by Simon Retter) received GBP10,000
from the Company. The Company also agreed to reimburse Mr Rumbough
in respect of his legal and due diligence costs in the amount of
GBP40,000.
Mr. Craig Marshak was granted GBP50,000 of options to subscribe
for new shares ("Shares") at a strike price of 0 pence. The number
of Shares issued upon the exercise of this option is 2,500,000
subject to anti-dilution adjustment if the Company issues further
shares or undergoes a reorganisation in which case the number of
shares to be issued if the option is exercised will be calculated
on the basis of a issue price of the lower of (i) 2p or (ii) volume
weighted average closing market mid-price for a period of 10
trading days (if the Shares are admitted to the Official List); or
(iii) otherwise, the most recent price at the time of exercise of
the option at which the further shares were issued and allotted (if
the Shares are not admitted to the Official List).
About Mr. Stanley Hutton Rumbough
Mr. Stanley Hutton Rumbough's family founded the US brokerage
firm EF Hutton in 1904. EF Hutton went on to become one of the
largest brokerage firms in US history and was ultimately sold to
American Express.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For more information:
Fragrant Prosperity Holdings
Limited
+44 (0) 20
Simon Retter/Craig Marshak 3137 1902
*Ends*
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IODKKFBQABKKFAK
(END) Dow Jones Newswires
June 08, 2020 02:50 ET (06:50 GMT)
Grafico Azioni Fragrant Prosperity (LSE:FPP)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Fragrant Prosperity (LSE:FPP)
Storico
Da Apr 2023 a Apr 2024