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Angelfish Investments plc

04/12/2019 | Press release | Distributed by Public on 04/12/2019 03:30

Loan Agreement

Angelfish Investments Plc ('Angelfish' or 'the Company')
Loan Agreement

The Directors of Angelfish announce the following update on its investment in Wallet Ads Limited ('Wallet Ads').

On 9 August 2018, Angelfish announced that it had subscribed for BP150,000 convertible loan notes issued by Wallet Ads to be drawn down in six monthly instalments, one of GBP50,000, followed by five equal instalments of GBP20,000. The loan was subsequently converted into equity representing 20% of the ordinary share capital of Wallet Ads following draw down of the final instalment on 31 December 2018, as announced on 2 January 2019.

Angelfish has now entered into an agreement to provide a secured revolving loan facility to Wallet Ads, the principal terms of which are as follows:

  • The facility is in the amount of GBP100,000 and can be drawn down in tranches on request subject to a minimum tranche size of GBP10,000.
  • The loan is supported by a full fixed and floating debenture over the assets and undertaking of Wallet Ads.
  • The loan is repayable no later than 31 January 2021.
  • Interest accrues at the rate of 10% p.a. calculated on amounts drawn down on a daily basis and payable monthly in arrears.
  • No interest is payable until Wallet Ads reaches monthly cash flow break even, with amounts accrued but unpaid to that point payable on or before repayment of the loan

Richard Walker, director of Angelfish commented: 'We have been encouraged by the progress Wallet Ads has made to date and in line with our agreement last year recognise the need for this facility to support Wallet Ads over the coming months as it commences full commercial operations. We look forward to continuing to work closely with the Wallet Ads team to support this next stage of the company's development'

This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.

The directors of the Company take responsibility for this announcement.

-ENDS-

Enquiries:

Angelfish Investments Plc +44 (0)7772 013116
Richard Walker
Director

Cairn Financial Advisers LLP +44 (0)207 213 0880
NEX Exchange Corporate Adviser
David Coffman / Richard Nash

About Angelfish Investments plc

The Company's Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preference Shares.