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LONDON - Everest Global plc (LSE:EVST) has repaid £1.5 million in Convertible Loan Notes (CLNs) to Surich Real Estate Opportunity Fund SPC, according to a company statement released Thursday.
The repayment was made at the request of Surich Real Estate Opportunity Fund SPC, which sought early repayment because the funds had not been fully deployed within the expected timeframe. Following the transaction, Surich still holds one CLN with a principal value of £250,000 under the Loan Note Instrument that was announced on August 16, 2024.
The repayment was settled with £1,491,731 in cash, while the remaining £8,269 was added to the balance of a loan advance made by Surich in November 2024 of approximately £155,000. This loan carries the same 6% annual interest rate as the CLNs.
Interest on the repaid CLNs has accrued and will either be repaid or converted in the future according to the terms of the Loan Note Agreement, the company stated.
Surich is wholly owned and controlled by Ziwei Peng, who also controls Golden Nice International Group Limited, which holds a 24.55% stake in Everest Global. Due to this relationship, the transaction is classified as a related party transaction under Rule 7.3 of the Disclosure Guidance and Transparency Rules.
Everest Global indicated it will continue to seek funding as it pursues opportunities aligned with its strategic business focus.
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