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B90 Holdings PLC - Isle of Man-based online marketing company - Raises £540,000 through subscriptions for convertible loan notes by existing investors in the company. The loan notes have a term of three years and are convertible no earlier than January 1, 2024. They will convert at a 10% discount to the average price for the five trading days prior to the conversion notice. Until then, they provide a coupon of 10% per year.
B90 says the money raised will be used to develop the growth initiatives of the company and for general working capital purposes.
Executive Chair Ronny Breivik says: ‘Since my appointment, we have made operational changes and implemented restructuring initiatives which will significantly reduce overhead costs into 2023. These funds raised through the loan notes will allow us to continue investing in our growth plans, without the need to access equity markets at current low levels.’
Current stock price: 2.75 pence
12-month change: down 74%
By Sophie Rose, Alliance News reporter
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