Supply@ME Capital PLC said new shares have been issued to Negma Group under last month's agreement and it is also in talks with new investors and lenders for the provision of amortised loan facilities.
With 315mln of new shares issued to Negma, there remain notes worth £4.03mln still outstanding. Negma Group is not authorised to perform short-selling activities.
Talks are underway to restructure the convertible loan notes programme with the aim of maximising investment value for its shareholders, the London-listed company said, with the intention to replace the current agreement with a new facility.
It is envisaged that the new facility will involve a "material reduction" of the commitment, with Supply@Me intending to reset the current principal amount of the notes of £56mln.
Furthermore, it intends to get additional capital, step by step, enabling it to have full control over the number of shares potentially to be issued in relation to business developments, including control over the level of dilution, which it said would mitigate any further dilutive risk.