Microvast Holdings announces departure of chief financial officer
LONDON - Tirupati Graphite plc (LSE:TGR), a specialist flake graphite company, has reached formal agreement with majority holders to amend terms of its 2019 and 2022 convertible loan notes, according to a press release issued Wednesday.
For the 2019 notes totaling £909,000, changes include reducing the conversion price to 3.75 pence per ordinary share, extending the maturity date to December 31, 2025, and increasing interest to 16% annually retroactive from July 1, 2024. The company may elect to pay interest in ordinary shares at conversion or redemption.
The 2022 notes totaling £1,862,500 will see their conversion price adjusted to 7.50 pence per ordinary share and maturity extended to July 26, 2026. Interest rates will increase to 16% annually from July 2024 to July 26, 2025, then decrease to 15% thereafter. Interest through July 26, 2025 may be paid in shares at the company’s discretion.
Both amendments were approved by holders representing more than 75% of each note issue. Conversion of the notes is subject to shareholder approval at the upcoming Annual General Meeting, FCA approval of a required prospectus, and lifting of the current trading suspension of the company’s shares on the London Stock Exchange (LON:LSEG).
Tirupati Graphite currently operates two projects in Madagascar with a combined nameplate production capacity of 36,000 tonnes per annum. The company also holds two advanced graphite projects in Mozambique.
Optiva Securities Limited served as advisor to the company during the amendment process.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.