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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Papillon Holdings Plc | LSE:PPHP | London | Ordinary Share | GB00BYZC5R04 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPPHP
RNS Number : 2004L
Papillon Holdings PLC
21 December 2018
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment
21 December 2018
Papillon Holdings Plc ('Papillon' or 'the Company')
Update on Investment & raising up to GBP500k via a Convertible Loan Note
Papillon Holdings plc, the London listed investment company, is pleased to announce that it has executed a Share Purchase Agreement to acquire a 50% interest in Pace Cloud Limited, the holding company of CarCloud Community (www.carcloudcommunity.co.uk), a fintech company focused on the used car market, which will be executed upon Re-admission.
Additionally, the Company is raising up to GBP500k via the issue of convertible loan notes ('Loan Notes'), which will be drawn down as required by the Company; to date, GBP200k has been received. The Loan Notes carry an interest coupon of 10 per cent pa over their minimum term of 12 months, with a conversion price of 1.25 pence per new Papillon ordinary share. The proceeds from the issue of the Loan Notes will be used, in conjunction with existing resources, to finance the costs initially incurred in connection with Pace Cloud Limited.
The Investment constitutes a fundamental change in the business of the issuer. Therefore, the Company will be submitting a full information memorandum to the UK Listing Authority ('UKLA'), which will be published in due course.
The Company continues to review other investments as part of its stated strategy to invest in companies or assets in the industrial and services sectors.
**ENDS**
For further information please contact the following:
Charles Tatnall Papillon Holdings ctatnall@btinternet.com plc 07930 445 691 Isabel de Salis / St Brides Partners info@stbridespartners.co.uk Cosima Akerman Limited +44 (0) 20 7236 1177
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 21, 2018 02:00 ET (07:00 GMT)
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