Iconic Labs PLC Waiver of Event of Default
09 Septembre 2024 - 8:00AM
RNS Regulatory News
RNS Number : 3124D
Iconic Labs PLC
09 September 2024
Iconic
Labs PLC
("Iconic"
or the "Company")
Waiver of Event of
Default
Iconic Labs PLC (LSE:
ICON) today provides an update in
respect of the loan notes ("Loan Notes") held by the European High
Growth Opportunities Securitization Fund ("EHGO") and Arch Capital
Partners LLP, formerly known as Linton Capital LLP,
("Arch").
The listing in the Company's shares
has been suspended since 28 February 2024 ("Suspension"). On 11 March 2024,
the Company announced the signing of non-binding heads of terms in
connection with the potential purchase of the entire issued share
capital of ITS Holdings 2023 Ltd (the "Target"), the owner of In The Style
Fashion Limited, an online fashion retailer. The proposed
transaction is, inter alia, conditional on the completion of legal
and financial due diligence on the Target and if completed would
constitute a reverse takeover under the UK Listing Rules
("Reverse
Takeover").
Under the terms of the Loan Notes,
the Suspension would trigger an event of default. Arch and EHGO
wish to give the Company additional time to complete the Reverse
Takeover and have therefore agreed to waive the event of default
("Waiver") provided that
the suspension is lifted on or prior to 31 December 2024. In
consideration for the Waiver, Iconic shall issue £60,000 loan notes
(the "Waiver Fee Notes").
The subscription price of the Waiver Fee Notes shall be paid by
Arch by way of set-off against certain, liquid and due receivables
held by Arch against the Company.
The Company confirms that it
continues to work with its advisers to progress the legal and
financial due diligence to enable the Reverse Takeover to proceed
and will provide further updates in due course.
This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended).
- Ends -
For
more information, please contact:
Iconic Labs
John Farquharson
|
via Yellow Jersey PR
|
Novum Securities Limited
David Coffman / Daniel
Harris
|
Tel: +44 (0) 20 7399 9400
|
Yellow Jersey PR
Charles Goodwin
Annabelle Wills
Bessie Elliot
|
Tel: +44 (0) 20 3004
9512
iconic@yellowjerseypr.com
|
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END
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