TIDMTHAL
RNS Number : 8159D
Thalassa Holdings Limited
02 November 2020
Thalassa Holdings
Convertible Loan Note Investment in Tappit Technologies (UK)
Limited
Thalassa Holdings Limited
2 November 2020
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Thalassa leads GBP7.8m investment in Tappit Technologies (UK)
Limited ("Tappit")
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Board of Thalassa is pleased to announce that the Company
has acted as lead investor in Tappit's GBP7,800,000 Convertible
Loan Notes ("CLNs") offering.
Thalassa invested GBP3,000,000 in the CLNs. A further GBP905,000
was invested in the CLNs by existing Tappit shareholders and new
investors. The total investment of GBP3,905,000 was matched by the
"Future Fund", a UK Government initiative to provide support to
innovative UK companies with good potential, which are currently
affected by COVID-19.
Key Terms
The key terms of the CLNs are as follows:
-- Coupon of 8% per annum (simple interest) accruing over the
term of the CLNs and settled (at Tappit's option) either by
conversion into the most senior class of shares then in issue, or
in cash.
-- Term of 36 months with no early repayment by Tappit other
than with the agreement of all of the CLN investors.
-- During the term of the CLNs, the conversion price per share
will be the lowest price paid by any new investors in fund raisings
by Tappit with a 20% discount applied. Should Tappit elect for the
accrued interest on the outstanding CLNs to convert, the discount
will not be applied to the interest portion of the loan.
Duncan Soukup, chairman of Thalassa, said:
"Tappit is a global leader in payment and data ecosystems for
the events, sports and entertainment industry. With recent
partnerships including Kansas City Chiefs and Jacksonville Jaguars
we are delighted to be working with such an ambitious and exciting
fintech scale up."
"Whilst Covid-19 is currently restricting attendance at events,
the pandemic has simultaneously accelerated the adoption of
cashless solutions around the world. Organisations are clearly
seeing the benefits of Tappit's platform - which not only improves
the fan experience and boosts profitability but gives businesses
access to data and insights around customer behaviours and
purchasing preferences that were only previously available to banks
and credit card companies."
"I am also pleased to announce that I have joined Tappit as a
consultant to assist the company in acquiring new clients in
complementary industries to the company's existing areas of
strength. I will also seek to assist Tappit in securing further
growth capital, which could include both private funding or a
public listing and capital raise."
END
Enquiries:
Thalassa Holdings Ltd
---------------------
Duncan Soukup (Executive Chairman) +33 (0)6 78 63 26 89
---------------------
Tappit Technologies (UK) Limited
---------------------
Jason Thomas (Global Chief Executive Officer) +44 (0)7951 014 707
---------------------
WH Ireland Limited (Financial Adviser) +44 (0)207 220 1650
---------------------
Chris Fielding (Managing Director, Corporate
Finance)
---------------------
Note to Editors:
About Thalassa
www.thalassaholdingsltd.com
Thalassa Holdings Ltd. is a holding company with various
interests across a number of industries which currently include,
Finech, Robotics and Leisure & Entertainment and Security &
Access Control.
About Tappit
https://tappit.com
Tappit is the leading global payment and data ecosystem for
events, attractions, stadia and venues, providing a unique
end-to-end solution including cashless payment, white label payment
apps, mobile pay, RFID and business intelligence. Tappit's
solutions enhance live event experiences, providing technology and
data to the organisers, which in turn improves customer experience
and increases profitability. Tappit brings event organisers and
venues closer to their customers, giving them control over their
payment solutions whilst providing actionable insights to make
events even better.
About the Future Fund
https://www.thefuturefund.co.uk/
Announced by the Chancellor on 20 April 2020, the Future Fund
issues convertible loans to innovative UK companies with good
potential, that typically rely on equity investment and are
currently affected by COVID-19. The scheme helps qualifying
companies through the current period of economic disruption and the
recovery so they are able to continue their growth trajectory and
reach their full economic potential. The scheme is designed by the
UK government and delivered by the British Business Bank.
Initially, GBP250 million was made available by the UK
government for investment through the scheme, to be matched by
private investors, with HM Treasury making clear the amount could
be increased if needed. Due to the popularity of the Fund, more
funding is now being made available and the scale of the scheme
will be kept under review.
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END
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November 02, 2020 02:00 ET (07:00 GMT)
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