Subscription for Convertible Loan Notes
RentGuarantor raises £455,274.83 through convertible loan notes subscription.
- Funds raised £455,274.83
- Convertible Loan Notes coupon 10% per annum
- CEO investment (Southpaw Limited) £80,000
- Redemption date 18 November 2026
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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, further to the announcement made on 18 November 2024, the Company has raised £455,274.83 by issuing 10% coupon unsecured convertible loan notes ("Convertible Loan Notes"). Convertible Loan Notes were subscribed by Southpaw Limited, a company owned and controlled by Paul Foy, CEO of RentGuarantor, in an amount of £80,000. The period for subscription is now closed. Funds raised by the subscription will be used for working capital and capital expenditure requirements.
The Convertible Loan Notes are issued on the following principal terms:
| · | The Convertible Loan Notes carry a coupon of 10% per annum, payable annually |
| · | The Company can 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 |
| · | The Convertible Loan Notes, if not converted, are redeemable on 18 November 2026 |
Paul Foy, CEO of RentGuarantor, commented: "I am pleased with the success of the fundraising efforts and have personally invested, confident in the opportunities that lie ahead for RentGuarantor in 2025 and beyond."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.