Partial Conversion of Loan Facility

RNS Number : 5861R
GSTechnologies Ltd
02 March 2023
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

2 March 2023

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Partial Conversion of Loan Facility

 

GSTechnologies Limited (LSE: GST), the fintech company, announces that the Company has received a conversion notice from the Loan Facility provider to convert US$240,000 principal amount of the Loan Facility and the associated interest of US$24,000 (10%), into new ordinary shares of no-par value in the capital of the Company ("Ordinary Shares").

The conversion price per Ordinary Share under the terms of the Loan Facility has been determined to be 0.265778 pence per new Ordinary Share and the conversion will therefore result in 82,914,040 new Ordinary Shares being issued to the provider (the "Conversion Shares").

Following this conversion, a total of US$285,000 principal amount remains outstanding under the Loan Facility.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the 82,914,040 Conversion Shares to be admitted to trading on the Main Market of the London Stock Exchange and the Standard Segment of the FCA Official List ("Admission").  It is expected that Admission will become effective and that dealings in the Conversion Shares on the Main Market of the London Stock Exchange will commence at 8.00 a.m. on or around 7 March 2023.

On Admission, the Company's issued share capital will consist of 1,682,032,370 Ordinary Shares, each with one voting right.  There are 60,000,000 Ordinary Shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 1,622,032,370  and this figure may be used by shareholders following Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms not otherwise defined in this announcement have the same meanings as ascribed to them in the Company's announcement of 28 December 2022.

Enquiries:

The Company



Tone Goh, Executive Chairman


+65 6444 2988

Financial Adviser

 

 

VSA Capital Limited


+44 (0)20 3005 5000

Simon Barton / Thomas Jackson



Broker



OvalX


+44 (0)20 7392 1400

Tom Curran / Thomas Smith



Financial PR & Investor Relations



IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler


+44 20 (0) 3934 6630

gst@investor-focus.co.uk




For more information please see: https://gstechnologies.co.uk/

 

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