Update on Unsecured Convertible Loan Notes

RNS Number : 2955J

Hawkwing PLC

12 December 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

12 December 2022

Hawkwing plc

("Hawkwing" or the "Company")

Update on Hawkwing's Unsecured Convertible Loan Notes ("CULS")

Further to the announcement on 2 December 2022, the Company has received a copy of a court application from Cadwalader, Wickersham & Taft LLP acting for Hanover Investors Management LLP on behalf of Hanover Catalyst Fund ('Hanover") seeking to appoint Sarah Megan Rayment and Robert John Armstrong of Kroll Advisory Limited as administrators to the Company. Hanover (which is a holder of CULS) had previously made a statutory demand for the repayment of £2,209,709.59 in respect of its CULS by 15 December 2022.

The Company, having taken legal advice on the administration application, considers it to be without merit. The application will be vigorously defended. Additionally, the Company has made an application to the court to obtain injunctive relief in respect of the statutory demand made by Hanover. The breach which Hanover alleges is an event of default, which is the basis of the statutory demand, has been waived by a majority of CULS holders and this waiver binds all CULS holders.

The Company will give a further update to the market in due course.

Important Notices

This announcement contains 'forward‐looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward‐looking statements. These forward‐looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward‐looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward‐looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward‐looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company.

Enquiries:

Hawkwing plc
Keith Sadler, Senior Independent Non-Executive Director Dwight Mighty, Non-Executive Director	[phone]
Gracechurch Group
Harry Chathli, Alexis Gore	[phone]

About Hawkwing plc

For more information, please refer to the Company's website: www.hawkwing.co m

 

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