28 December 2018
Eight Peaks Group PLC
Investment of £300,000 into Virtualstock Holdings Limited Convertible Loan Note
Eight Peaks Group PLC ("8PG") is pleased to announce that, in line with its investing policy, it has invested £300,000 into Virtualstock Holdings Limited ("VS") Convertible Loan Notes ("CLN").
The CLN accrue interest at 10% pa and are repayable at the option of VS after a minimum of 6 months and up to a maximum of 18 months. Should the CLN not be repaid in 18 months, they convert into VS shares at £2.50 per share. In addition, 8PG has been issued warrants over 12,000 VS shares which are exercisable at £5 per VS share within 5 years.
8PG's current interest in VS sits at 6.8%.
The consideration of £300,000 for the CLN was settled in cash.
For the year ended 31 March 2018 VS made a loss of £2,873,223.
- ENDS -
Eight Peaks Group PLC
Zafar Karim / Thomas Reuner
0207 583 8304
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Grant Thornton UK LLP
Colin Aaronson / Harrison Clarke / Seamus Fricker
020 7383 5100
S.P. Angel Corporate Finance LLP
020 3470 0470
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Virtualstock Holdings Limited
Virtualstock is one of the UK's fastest growing tech companies, helping businesses in retail and healthcare compete in today's agile digital economy. By unlocking and connecting the data scattered across disparate parts of the supply chain, Virtualstock's cloud-based solution, The Edge, helps retailers drive efficiency, growth and customer satisfaction, supported by an integrated and seamless digital supply chain. The healthcare equivalent, The Edge4Health™, is delivered in partnership with NHS Shared Business Services to help fuel industry-wide efficiency and operational productivity for both Healthcare Providers and Suppliers.
About Eight Peaks Group PLC
Eight Peaks Group PLC focuses on assisting companies and making investments which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Eight Peaks takes stakes in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
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