Jade Road Investments Limited Second Supplemental Bond Instrument Update (3017H)
26 Juli 2023 - 3:10PM
UK Regulatory
TIDMJADE
RNS Number : 3017H
Jade Road Investments Limited
26 July 2023
26 July 2023
RNS
JADE ROAD INVESTMENTS LIMITED
("Jade Road Investments", "JADE", the "Company" or the
"Group")
Second Supplemental Bond Instrument Update
Following the announcement on 17 July 2023, Jade Road
Investments Limited (AIM: JADE), the London quoted investment
company that looks to provide investors exposure to alternative
investments which aim to offer higher returns and lower risk than
traditional asset classes, is pleased to announce that Law
Debenture Corporation p.l.c, the trustee to the outstanding Bonds,
and the Company have consented to a new supplemental deed, which
has been duly executed.
The supplemental deed secures the waiver of the Bondholders'
right to accelerate the USD 10,000,000 12.5% fixed secured bond
instrument which was issued on 20 October 2019 as amended by a
supplemental instrument dated 1 December 2022 ("Bond Instrument")
and the interest rate change to 18 per cent as further set out
below.
The Bondholders have waived their acceleration rights resulting
from the Company's non-payment of interest due on Friday 14 July
2023. 75% of the nominal value of the Bondholders have, by way of
special resolutions in the form of resolutions in writing, approved
(i) the waiver referred to above, (ii) the change to the interest
payment terms of the Bonds as follows:
a) interest will accrue on the Bonds from 1 July 2023 until 14
August 2023 at a rate of 18% per annum; and
b) should the interest payment not be made by 14 August 2023,
then interest will continue to accrue at a rate of 18% per annum
until the date on which payment is made; and
(iii) the new supplemental deed, and have authorised the Company
to execute it.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jade Road Investments Limited +44 (0) 778 531 5588
John Croft
WH Ireland Limited - Nominated
Adviser +44 (0) 20 7220 1666
James Joyce
Andrew de Andrade
Hybridan LLP - Corporate Broker +44 (0) 203 764 2341
Claire Noyce
Lionsgate Communications - Communications
Adviser +44 (0) 779 189 2509
Jonathan Charles
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END
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