05/01/2018 | Press release | Distributed by Public on 05/01/2018 09:40
Angelfish Investments Plc ("Angelfish" or "the Company")
Further Update on Loan Agreement
The Directors of Angelfish announce the following further 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 prior to the Loan had 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 would 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 would be payable on 31 March 2018.
On 8 February 2018, Angelfish announced that due to matters outside of Rapid's control, the Admission process was taking longer than anticipated and that in recognition of this, it had been agreed to change the Admission Delay Date from 28 February 2018 to 30 April 2018. At the same time it was agreed that if Admission did not occur before 1 March 2018 then the Loan would convert into Rapid shares on the basis of the principal sum plus interest accrued up to 28 February 2018 and that from 1 March 2018, interest will cease to roll up into the Loan and instead be paid in cash monthly in arrears. All other aspects of the Loan Agreement remained the same.
Rapid continues to experience delays in the Admission process but remains committed to achieving a listing in London. Angelfish has therefore agreed to further extend the Admission Delay Date to 31 July 2018 and further updates will be provided as matters progress.
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.