Second Supplemental Bond Instrument Update

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	[phone]
John Croft
WH Ireland Limited - Nominated Adviser	[phone]
James Joyce
Andrew de Andrade
Hybridan LLP - Corporate Broker	[phone]
Claire Noyce
Lionsgate Communications - Communications Adviser	[phone]
Jonathan Charles

 

END