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AIQ Limited announced on 31 July 2023 that it entered an agreement to amend terms of its Convertible Loan Note Facility with Noteholders Li Chun Chung, Soon Beng Gee, and Lee Chong Liang. The amendment extends the expiration date of the convertible loan notes by 12 months, from 24 January 2024 to 24 January 2025. The Noteholders are considered related parties, holding a combined 38.5% of shares, with Li Chun Chung also serving as an Executive Director.
| Date | 31 Jul 2023 |
| Time | 07:00:06 |
| Category | Miscellaneous |
| ID | 6406H |
31 July 2023
AIQ Limited
("AIQ" or the "Company")
Statement re. Convertible Loan Note Facility
AIQ (LSE: AIQ) announces it has entered into an agreement (the "Agreement") to amend certain terms of the convertible loan note instrument that was executed by the Company and Li Chun Chung, Soon Beng Gee and Lee Chong Liang (the "Noteholders") on 24 January 2022 (the "Convertible Loan Note Facility"), as announced by the Company on 25 January 2022.
Under the terms of the Agreement, the expiration date of the convertible loan notes has been extended by a period of 12 months from 24 January 2024 to 24 January 2025. All other details of the Convertible Loan Note Facility remain unchanged and are as set out in the Company's announcement of 25 January 2022.
Related Party Transaction
The Noteholders are deemed to be related parties by virtue of their combined shareholdings of 38.5% and Li Chun Chung being an Executive Director. Harry Chathli and Dwight Mighty, being Independent Non-Executive Chairman and Non-Executive Director of the Company respectively, consider that the terms of the Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries
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AIQ Limited |
c/o +44 (0)20 4582 3500 |
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Harry Chathli, Chairman |
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Guild Financial Advisory Limited (Financial Adviser) |
+44 (0)7973839767 |
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Ross Andrews |
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Gracechurch Group (Financial PR) |
+44 (0)20 4582 3500 |
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Claire Norbury |
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