Fintech PR
Everest Global plc (“Company”) Issue of £3.5 million of New Convertible Loan Notes
LONDON , Aug. 15, 2024 /PRNewswire/ — The directors of the Company are pleased to announce that on 15 August 2024 the Company constituted a loan note instrument pursuant to which the Company may issue up to £50 million loan notes in tranches of integral multiples of £250,000 at any time. Each tranche of loan notes will have an initial term of 3 years from the date of the certificate being issued to the relevant noteholder (the “Loan Note Instrument”). Pursuant to the terms of the Loan Note Instrument the Company has issued 14 unsecured convertible loan notes (“CLNs”) to Surich Real Estate Opportunity Fund SPC (“SPC” or the “Noteholder” respectively) in an aggregate value of £3.5m. The Company will update the market on receipt of the funds which are expected the week ending 23rd August 2024. SPC is wholly owned and controlled by Mr Ziwei Peng, Mr Peng is the owner and controller of Golden Nice International Group Limited, which holds a 24.55% interest in the issued share capital of the Company. Given Mr Peng’s holding in the Company, the issue of the CLNs to SPC is a related party transaction for the purposes of Rule 7.3 of the Disclosure Guidance and Transparency Rules.
The Company is issuing the CLNs to fund the Company’s working capital and capital expenditure requirements for the time being and in order to work towards executing its strategy to undertake one or more further acquisitions of businesses (either shares or assets) in the beverage distribution and production sector in the UK and the rest of Europe as set out in its prospectus dated 31 October 2023.
The material terms of the Loan Note Instruments are:
- the aggregate principal amount of the loan notes is limited to £50m and they will be issued in integral multiples of £250,000;
- the loan notes issued pursuant to the Loan Notes Instrument are unsecured;
- the term of each tranche of loan notes is 3 years from the date of the certificate of the applicable loan notes;
- they are convertible into ordinary shares of £0.02 each in the issued share capital of the Company (“Ordinary Shares”);
- the noteholder will not be able to convert loan notes in the first 12 months from the date of issue of such loan notes;
- the noteholder will not be able to convert loan notes if in any rolling 12 month period Everest has already issued 20% of its entire issued share capital, unless:
– a prospectus is published by the Company which includes a disclosure referring to the conversion of such loan notes and admission of the new Ordinary Shares to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities; and
– the issue of such new Ordinary Shares will not result in such noteholder, together with any persons acting in concert with it, holding 30 per cent. or more of the voting rights of the Company at any time; - a noteholder will not be able to convert loan notes to the extent that such noteholder, together with anyone acting in concert with them, will hold 30% or more of the voting rights in Everest, unless independent shareholders have given their approval and the Takeover Panel has waived the obligation to make an offer for the entire issued share capital of Everest;
- the noteholder may request the payment of interest on the anniversary date of the issue of the loan notes to them or request that the interest is rolled up and capitalised;
- the interest rate that will be applied to outstanding loan notes s is 6% per annum;
- the conversion price of the loan notes is a price per Ordinary Share of £0.04;
- at the end of the term of each tranche of loan notes (or such other date that the Company notifies the relevant noteholders in writing in respect of such tranche of loan notes), Everest will repay the principal amount of such tranche of loan notes not converted, plus accrued interest, by issuing new ordinary shares or cash (at the Company’s election) ; and
- the CLNs can only be transferred to a party approved by the Directors.
As at today’s date, excluding any accrued interest, £254,450 of previously issued convertible loan notes remain outstanding pursuant to convertible loan note deeds (all of which are held by Golden Nice International Group Limited, a company wholly owned by Mr Ziwei Peng), further details of which are set out in the table below:
Convertible Loan Note Issue |
Date of Instrument |
Number of Convertible Loan Notes outstanding |
Old Redemption Date/ New Redemption Date |
Conversion Price |
|
£250,000 unsecured convertible loan notes of £0.05 each |
1 October 2018 (as amended on 5 October 2020 and on 29 July 2022 and 29 September 2023) |
£162,500 |
3,250,000 |
30 September 2023/ 31 March 2025 |
£0.05 per Ordinary Share |
£750,000 unsecured convertible loan notes of £0.05 each |
31 March 2021 (as amended on 29 July 2022 and 24 January 2023 and 29 September 2023) |
£91,950 |
1,839,000 |
30 September 2023/ 31 March 2025 |
£0.05 per Ordinary Share |
Total: |
£254,450 |
5,089,000 |
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The directors of the Company accept responsibility for the content of this announcement.
For further information please contact:
Everest Global plc |
|
Andy Sui, Chief Executive Officer Rob Scott, Non-Executive Director |
+44 (0) 776 775 1787 +27 (0)84 6006 001 |
Cairn Financial Advisers LLP |
|
Jo Turner / Emily Staples |
+44 (0) 20 7213 0885 / +44 (0)20 7213 0897 |
View original content:https://www.prnewswire.co.uk/news-releases/everest-global-plc-company-issue-of-3-5-million-of-new-convertible-loan-notes-302223977.html
Fintech PR
Tabono Capital Announces Strategic Partnership with Invesco to Deliver Enhanced Investment Solutions for UHNW Clients
SINGAPORE, Nov. 26, 2024 /PRNewswire/ — Tabono Capital today has announced a strategic partnership with Invesco that enhances investment solutions for ultra-high-net-worth clients.
Tabono Capital, a multi-family office based in Singapore, collaborates with Invesco, a global investment management leader with over US$1.7 trillion in assets under management. This partnership merges Invesco’s institutional-grade investment expertise, cutting-edge portfolio solutions, and comprehensive research capabilities with Tabono Capital’s strong relationships with ultra-high-net-worth (UHNW) families across the Asia Pacific and Middle East regions.
This collaboration enables Tabono Capital’s clients to benefit from the extensive resources and scale of Invesco’s capabilities. For Invesco, the partnership provides enhanced access to sophisticated investors in key growth markets.
Key elements of the partnership include:
- Implementation and construction of model portfolios and asset allocation frameworks
- Access to institutional-grade investment research and comprehensive market insights for UHNW clients
- Knowledge sharing and collaboration on market intelligence and investor insights
Nirish Unni, CEO & Co-Founder of Tabono Capital, emphasized the significance of the partnership: “This partnership represents a significant milestone in our growth strategy. By leveraging Invesco’s world-class investment research and asset allocation capabilities, we can provide our clients with institutional-grade investment solutions while maintaining the personalized service they expect from a boutique multi-family office.”
Santosh Rao, Co-Founder and Chief Revenue Officer of Tabono Capital, added: “Our clients increasingly seek institutional-quality investment solutions with global reach. This collaboration with Invesco allows us to deliver exactly that, while maintaining our personalised approach to client service. Together, we will create portfolios designed to capture opportunities in key global markets while effectively managing risk.”
Christopher Hamilton, Asia Pacific Head of Client Solutions for Invesco, stated: “We’re proud to partner with Tabono Capital to bring our industry-leading offerings and capabilities to Asia’s expanding family office and UHNW segment. This is a compelling platform for investors to access comprehensive strategies that can help them meet their financial goals.”
About Tabono Capital
Tabono Capital is a multi-family office headquartered in Singapore, licensed by the Monetary Authority of Singapore (MAS) to provide Fund Management services. Co-founded by industry veterans and former private wealth managers Nirish Unni and Santosh Rao, the firm caters to ultra-high-net-worth families across the Asia Pacific and MENA regions, offering comprehensive wealth management and family office solutions. For more information, visit https://tabonocapital.com
Contact: [email protected]
About Invesco
Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate.
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Fintech PR
Protecht launches advanced controls management solution
SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.
Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.
As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.
Key features of Protecht’s controls management solution
- Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
- Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
- Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
- Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.
“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”
Supporting resources
To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:
- Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
- Product tours showing how the solution lets you solve specific controls-related problems
- A comprehensive eBook on building effective controls frameworks
- Opportunities to book a demo and see the solution in action
Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management
About Protecht Group
Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.
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Fintech PR
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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