Extension of Convertible Loan Agreements

In brief · summary, not quotable

Symphony Environmental Technologies Plc has extended its £1.5 million in convertible loan agreements with SESR Investments Pte Ltd from June 30, 2026, to January 31, 2027, with other terms remaining unchanged. If not repaid by the new date, the loans will convert at 80% of the volume-weighted average share price for the preceding three months, accruing 7% annual interest. Symphony must pay a minimum of £80,000 of accrued interest before January 31, 2027. As SESR holds 19.68% of Symphony's shares, this extension is considered a related party transaction, which the board deems fair and reasonable for shareholders.

Full announcement

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Symphony Environmental Technologies Plc (AIM: SYM), global specialists in technologies that make plastic products "smarter, safer and sustainable", is pleased to announce extensions to the existing £1.5m convertible loan agreements with SESR Investments Pte Ltd ("SESR") (together, the "CLAs") from 30 June 2026 to 31 January 2027.

The other key terms of the CLAs, which were originally announced on 13 March 2023 and 18 October 2023 respectively are unchanged.

The key terms of the extended CLAs are repeated below for completeness:

CLAs total drawn principal: £1.5 million (unsecured)
If not repaid on or before 31 January 2027, conversion on that date
Conversion price: 80% of the volume-weighted average share price for the 3 months prior to 31 January 2027
Interest: 7% per annum, payable as accrued on repayment and/or conversion - see below
Repayment of the CLAs, in full or in part solely at Symphony's discretion

As part of the agreement to extend, Symphony has also agreed to pay a minimum of £80,000 of the accrued interest before 31 January 2027.

SESR is interested in 19.68% of Symphony's issued share capital. As SESR is a substantial shareholder, extension of the CLAs is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. Accordingly, the board of directors of the Company consider, having consulted with the Company's nominated adviser, that the extension of the CLAs is fair and reasonable insofar as the Company's shareholders are concerned.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.