PIK Bond Conversion
Aterian Plc has announced the conversion and redemption of £54,000 of its PIK Bonds through the issuance of 216,000 new ordinary shares at a price of 25 pence per share. These new shares will rank pari passu with existing ordinary shares, and application has been made for their admission to trading on the London Stock Exchange, expected around May 26, 2026. Following this conversion, the Company's total voting rights will be 17,900,000 ordinary shares.
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Aterian Plc (LSE: ATN), the Africa-focused critical minerals exploration, development and trading company, announces the conversion and redemption of a portion of its outstanding PIK Bonds through the issue of new ordinary shares in the Company following a conversion notice from a Bondholder.
The Company has approved the redemption and conversion of £54,000 of the PIK Bonds, pursuant to their terms, including accrued and capitalised amounts.
The conversion amount will be satisfied through the issue of 216,000 new ordinary shares of £0.10 each in the capital of the Company ("Ordinary Shares") at a conversion price of 25 pence per Ordinary Share (the "Conversion Shares"). The Conversion Shares will rank pari passu with the Company's existing Ordinary Shares in all respects. Application will be made for the Conversion Shares to be admitted to trading on the London Stock Exchange, and admission is expected to become effective on or around 26 May 2026.
Charles Bray, Executive Chairman of Aterian, commented:
"We are pleased to have redeemed a portion of PIK Bonds and Mezzanine debt and we shall continue to look to buy these securities to reduce debt and potential dilution.
We remain focused on maintaining capital discipline while continuing to build a diversified critical minerals platform with exposure to both near-term operational growth and long-term value creation opportunities."
Total Voting Rights
Following Admission of the Conversion Shares, the Company will have 17,900,000 Ordinary Shares in issue, each carrying one voting right. The Company does not hold any Ordinary Shares in treasury.
Accordingly, the total number of voting rights in the Company will be 17,900,000. Shareholders may use this figure as the denominator for calculations by which they determine whether they are required to notify their interest in, or change to their interest in, the Company's share capital under the FCA's Disclosure Guidance and Transparency Rules.
For further information, please visit the Company's website: www.aterianplc.com or contact:
Aterian Plc:
Charles Bray, Executive Chairman - charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Joint Broker:
AlbR Capital Limited
David Coffman / Dan Harris
Colin Rowbury
Joint Broker:
SP Angel Corporate Finance LLP
Ewan Leggat / Devik Mehta
Financial PR:
Bald Voodoo - ben@baldvoodoo.com
Ben Kilbey
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.