Amendment to terms of Convertible Loan Notes
Everest Global plc has amended the terms of £552,163 in convertible loan notes, extending their maturity date to 31 March 2028, with no other terms altered. This extension, involving Golden Nice International Group Limited which holds a 24.55% stake in Everest and is controlled by Mr Ziwei Peng, is considered a related party transaction. The company is not currently in a position to repay the notes, and conversion would exceed Mr Peng's permissible shareholding without further approvals.
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Everest Global plc announces that it has extended the maturity of £552,163 of convertible loan notes ("CLN") originally issued in 2018 and 2021. The maturity date has been extended to 31 March 2028. No other terms have been amended.
The CLNs are held by Golden Nice International Group Limited ("Golden Nice"). Golden Nice is wholly owned and controlled by Mr Ziwei Peng. Golden Nice, which holds a 24.55% interest in the issued share capital of the Company. Given Mr Peng's holding in the Company, the amendment of the terms of the CLN constitutes a related party transaction for the purposes of Rule 7.3 of the Disclosure Guidance and Transparency Rules.
Without the extension, the CLN would either need to be repaid or converted. As the Company is not ready to repay the CLN and conversion would result in Mr Peng holding 30% or more of the voting rights in Everest (which he is unable to do under the terms of the CLN without independent shareholders have given their approval and the Takeover Panel having waived the obligation to make an offer for the entire issued share capital of Everest).
The directors of the Company accept responsibility for the content of this announcement.
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