02/08/2018 | Press release | Distributed by Public on 02/08/2018 05:14
Angelfish Investments Plc ('Angelfish' or 'the Company')
Update on Loan Agreement
The Directors of Angelfish announce the following update on the convertible loan of £150,000 ('the 'Loan') to Rapid Nutrition Plc ('Rapid') entered into in September 2017.
Rapid is a natural healthcare company focused on research, development and production of a range of life science and nutraceutical products. Rapid was established based on its successful and proven nutraceutical supplement range which is exported worldwide and offers consumers a growing range of health and well-being solutions to meet existing and emerging societal health concerns. Rapid is presently listed on the SIX Swiss Exchange, Zurich and has appointed corporate advisors with a view of working towards obtaining a listing in London ('Admission').
The terms of the Loan stated that should Admission not occur by 28 February 2018 (the 'Admission Delay Date'), then the Loan will become secured over the assets of Rapid and repayable in instalments over the following 18 months and the rolled-up interest to 28 February 2018 will be payable on 31 March 2018.
Due to matters outside of Rapid's control, the Admission process has taken longer than anticipated. In recognition of this, Angelfish has agreed to change the Admission Delay Date from 28 February 2018 to 30 April 2018.
In addition, Angelfish has agreed that provided Admission occurs on or before 1 March 2018, the Loan will convert into Rapid shares on the basis of the principal sum plus interest accrued up to 28 February 2018. Should Admission occur after 1 March 2018, interest will cease to roll up into the Loan and will instead become payable in cash monthly in arrears.
All other aspects of the Loan Agreement remain the same.
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.
Angelfish Investments Plc +44 (0)7769 591096
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.