Bullish indicating open at $55-$60, IPO prices at $37
LONDON - Good Life Plus Plc (AQSE:GDLF) has raised £750,000 through the issuance of convertible loan notes (CLNs) to Boatside Investments, a private investment vehicle associated with Sportingbet Plc founder Mark Blandford, according to a press release statement issued Tuesday.
The luxury prize draw and rewards company is issuing up to 1.5 million CLNs valued at £1 each, with Boatside subscribing for half the total amount. The subscription period remains open until June 10, 2026.
The loan notes will mature on June 30, 2028, carrying a 10% coupon that accrues until maturity. At maturity, noteholders can choose full repayment or conversion into new ordinary shares at 2.15 pence per share.
An automatic conversion provision exists if the company conducts a qualifying fundraise of £1 million or more, with conversion at either the fundraise price or 2.15 pence, whichever is lower. The company and Boatside have agreed that conversion will not occur if it would increase Blandford’s related holdings above 30% without prior Takeover Panel approval.
Blandford’s current holdings stand at 29.9% of the company’s issued share capital, making this transaction a Related Party Transaction (JO:NTUJ) under AQSE Rules. The board determined the participation is fair and reasonable to wider shareholder interests.
The company stated the funds will support growth initiatives and new opportunities. The CLNs remain available for additional investment until the subscription period closes next year.
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