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Eight Peaks surges as it invests £300,000 in Virtualstock

The investment firm said the convertible loan notes would accrue interest at 10% per annum and are repayable at the option of Virtualstock after a minimum 6 month period
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Eight Peaks currently holds a 6.8% interest in Virtualstock

Eight Peaks Group PLC (LON:8PG) shares surged in early afternoon trading Friday after it invested £300,000 into convertible loan notes of Virtualstock Holdings Limited.

The investment firm said the notes would accrue interest at 10% per annum and are repayable at the option of Virtualstock after a minimum 6 month period and up to a maximum of 18 months.

READ: Eight Peaks raises £610,000 via placing to make further investments and for general working capital

If the notes are not repaid within the period, they would be converted into Virtualstock shares at 250p per share.

Eight Peaks added that it had also been issued warrants over 12,000 Virtualstock shares which are exercisable at 500p per share within 5 years.

Eight Peaks currently holds a 6.8% interest in Virtualstock, which provides supply chain software to retailers, healthcare providers, and other organisations.

Eight Peaks shares were up 4.8% at 11p.

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Eight Peaks Group PLC Timeline

CN Research
September 03 2018

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