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
Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
The post ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases! appeared first on HIPTHER Alerts.
Fintech PR
Personetics Hits Key Milestone: Empowering over 150 Million Monthly Users with 1.2 Billion Insights for Financial Well-Being
Bank customers worldwide save $2.4 billion annually thanks to Personetics
NEW YORK, Oct. 23, 2024 /PRNewswire/ — Personetics, the global leader in AI-powered personalized engagement solutions for financial institutions, today announced a significant milestone in its growth and impact across its global user base. The company now empowers over 150 million active monthly banking customers with 1.2 billion monthly insights, illustrating data-driven personalization’s powerful role in improving financial wellness and decision-making.
Personetics serves more than 130 financial institutions worldwide, including 18 of the top 40 banks in North America. The company’s actionable, real-time financial insights have received an average rating of 4.6 out of 5 from customers, demonstrating their high value on personalized financial guidance.
“We’re not just growing in numbers; we’re making a real difference in people’s financial lives,” said Udi Ziv, CEO of Personetics. “The key is using technology to transform raw transactional data into actionable insights that truly benefit both consumers and SMBs/SMEs. When banks present information to customers, it should help them understand their entire financial picture and offer clear steps to improve it. This perspective redefines the bank’s role, elevating it from a passive holder of wealth to an active architect of financial success.”
Given today’s tough economy, the impact of these insights on each family is significant: Consumers are saving an average of $2,400 per year.
Ziv added, “We are empowering people to make smarter financial choices. By leveraging advanced AI and analytical models, we’re democratizing financial advice—making it accessible to millions who may not otherwise have access to this level of guidance. This empowers customers and helps banks drive better financial outcomes for their customers.”
“The result is a win-win,” he continued. “Customers experience improved financial well-being, while banks see higher engagement, increased product adoption, and greater lifetime customer value. This symbiotic relationship drives mutual success and strengthens the bond between banks and their customers.”
“Our platform is turning banks into proactive financial allies,” Ziv explained. “By analyzing billions of transactions in real-time, we’re helping banks offer timely, relevant, and actionable advice that customers truly value. This directly supports our mission to empower financial institutions to maximize the value of every customer interaction through data-driven personalization.”
Personetics offers a comprehensive end-to-end platform that gives banks everything they need to enhance their client’s financial wellness, helping them make smarter decisions. The Personetics suite, including Personetics Engage, Enrich, Act, and Engagement Builder, covers the entire customer financial journey—from advanced Personal Financial Management and goal-based savings to automated financial journeys, data enrichment, and categorization for both retail and small business banking customers.
About Personetics:
Personetics is the global leader in financial data-driven personalization, enabling financial institutions to forge deeper relationships by enhancing clients’ financial wellness and helping them make smarter decisions. Personetics reaches 150 million customers across 35 global markets while serving more than 130 financial institutions. Personetics analyzes financial data in real-time to understand customer financial behavior, anticipate needs, and deliver a hyper-personalized experience with day-to-day actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs. The company has offices in New York, London, Singapore, São Paulo, and Tel Aviv. For more information, visit https://personetics.com.
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View original content:https://www.prnewswire.co.uk/news-releases/personetics-hits-key-milestone-empowering-over-150-million-monthly-users-with-1-2-billion-insights-for-financial-well-being-302283747.html
AMSTERDAM, Oct. 23, 2024 /PRNewswire/ — The 2024 edition of the Atradius Payment Practices Barometer survey reveals that companies across Asia are concerned over the outlook for insolvencies in the coming months, adversely affecting prospects for B2B trade on credit.
A rising level of insolvency risk has emerged as a major concern looking ahead for half of companies surveyed by Atradius across Asia, with widespread worries it could negatively impact B2B trade on credit. Businesses are preparing for ripple effects and payment risks, adding to further anxiety about future profitability.
At the heart of the concern is the current uncertain economic landscape, largely driven by the slowdown in China’s growth. Notably, however, the survey reveals Chinese companies show least anxiety about future insolvency risk.
This is the key finding of the 2024 Atradius Payment Practices Barometer survey across Asia (China, Hong Kong, India, Indonesia, Japan, Singapore, Taiwan and Vietnam).
India, Indonesia, Japan and Singapore are the markets most preoccupied about future insolvency risk but worry right across Asia reflects the view outlined by Atradius economists in the latest Insolvency report which forecasts an increase in insolvencies across Asia in 2024.
Anxiety is compounded by an already challenging credit risk environment, with late payments affecting an average 46% of B2B credit sales and bad debts standing at 4% of B2B sales invoices issued by Asian companies. Concern around business profitability thus continues to weigh heavily.
“The global economy is set to grow by 2.7% this year, but weak demand and tight credit conditions are straining businesses,” says Andreas Tesch, Chief Market Officer of Atradius.
“We expect global insolvencies to increase by 23% in 2024, and China’s current economic slowdown is raising concern about rising insolvencies among many Asian companies. This could lead to deteriorating credit quality and B2B payment behaviour in several economies across Asia.”
The complete report highlighting the findings of the 2024 edition of the Atradius Payment Practices Barometer for Asia can be found in the Publications section of Atradius.com website.
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of GCO, one of the leading companies in the Spanish insurance sector and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com
Connect with Atradius on Social Media
Website: https://group.atradius.com
LinkedIn: https://www.linkedin.com/company/atradius
YouTube https://www.youtube.com/user/atradiusgroup
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View original content:https://www.prnewswire.co.uk/news-releases/asia-expects-insolvency-rise-as-chinas-economy-slows-atradius-survey-reveals-302280473.html
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