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LONDON - Sancus Lending Group Limited (AIM:LEND) announced Tuesday that shareholders approved all resolutions at meetings held earlier in the day, including amendments to extend the maturity date of Zero Dividend Preference (ZDP) shares to December 5, 2030.
The company reported that ZDP shareholders approved suspending further capital growth from June 24, 2025, while ordinary shareholders endorsed these amendments at their respective meeting.
In a concurrent tender offer that closed on June 20, Sancus repurchased 1,157,417 ZDP shares at 120.00 pence per share, representing approximately 92.01 percent of issued ZDP shares, excluding those held in treasury and by Somerston. The repurchased shares will be canceled.
The tender offer will be funded through the issuance of new bonds to Somerston Fintech with an aggregate principal amount of £1,389,000, as previously announced on June 4.
Shareholders also approved amendments to existing bonds, introducing a payment-in-kind interest option that allows bondholders to receive rolled-up interest at an increased rate of 8.5 percent per annum paid at maturity, as an alternative to the quarterly 8 percent cash coupon.
Rory Mepham, Chief Executive Officer of Sancus, stated that the proposals were "designed to simplify the Company’s capital structure and enhance financial flexibility" as the company pursues its growth strategy.
The information in this article is based on a press release statement from Sancus Lending Group Limited.
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