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LONDON - Symphony Environmental Technologies Plc (AIM:SYM) has extended its £1.5 million convertible loan agreements with SESR Investments Pte Ltd from December 31, 2025, to June 30, 2026, according to a press release statement issued Wednesday.
The company, which specializes in technologies for making plastic products "smarter, safer and sustainable," said the other key terms of the agreements remain unchanged from when they were originally announced in March and October 2023.
The convertible loans carry a 7% annual interest rate, payable upon repayment or conversion. If not repaid before the new maturity date, the loans will convert at 80% of the volume-weighted average share price for the three months prior to June 30, 2026. Symphony retains the option to repay the loans in full or in part at its discretion.
SESR Investments currently holds a 19.68% stake in Symphony’s issued share capital, making the extension a related party transaction under AIM Rules. The company’s board, after consulting with its nominated adviser, determined the extension is "fair and reasonable" for shareholders.
Symphony CEO Michael Laurier said the extension provides flexibility as the company approaches "a number of long-term major developments" that it believes are nearing maturity. The board aims to avoid issuing new securities at current market values, which it considers do not reflect the potential impact of these anticipated developments.
The convertible loan agreements were previously extended to December 31, 2025, in March 2024.
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