Issue of Shares following Conversion & TVR
Conversion of £123,000 convertible security into 808.8m shares at 0.0152p per share.
- Convertible amount converted £123,000
- Conversion Price 0.0152 pence per share
- Conversion Shares issued 808,811,442
- Investor interest in expanded capital 10.35%
- Total shares in issue post-conversion 7,812,401,836
- Estimated cash payment due £65,000
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The Company hereby announces the conversion of the outstanding balance of the amount of £123,000 of the Second Convertible Security issued on 7 June 2023 to Towards Net Zero, LLC (the "Investor"), details of which were announced to the market on 5 June 2023. The Second Convertible Security was issued pursuant to the Convertible Securities Issuance Deed dated 29 November 2022 as amended by Deeds of Amendment dated 2 June 2023 and 6 June 2025 (the "Deed"), details of which were announced to the market on 30 November 2022, 5 June 2023 and 9 June 2025 respectively.
The Conversion Price is 0.0152 pence per share and total of 808,811,442 new ordinary shares (the "Conversion Shares") fall to be issued.
Application will be made for the Conversion Shares to be admitted to trading on AIM. ("Admission"). Admission is expected to occur on or around Tuesday, 30 September 2025.
Under the terms of the Deed, when there is no further convertible amount outstanding, a cash payment becomes due in certain circumstances as set out in the announcement of 30 November 2022. Currently, it is estimated that amount, payable by the Company, is approximately £65,000 and the market will be notified should this prove materially different when paid.
Commenting today, Executive Chairman Patrick Cheetham, said:
"We are pleased to report that, following this conversion, there is no convertible amount outstanding under the Deed. The Conversion Shares will represent a 10.35% interest in the expanded capital and the Investor will become a major shareholder in the Company. We believe that the Investor is taking a long term view of its investment and is supportive of the Company's strategy going forward."
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Board of Sunrise hereby notifies the market that, following the issue of the Conversion Shares, the Company will have 7,812,401,836 shares in issue with each share carrying the right to one vote. There are no shares currently held in treasury. The total number of voting rights in the Company is therefore 7,812,401,836 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Nominated Adviser
Shares in the Company trade on AIM. EPIC: "SRES".
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.