Koovs receives £3.67m from Future Lifestyle Fashions as part of first tranche of funding agreement
Source - SMW
Koovs confirmed that it had about £3.67m from the first tranche of funding agreement with Future Lifestyle Fashions.
As part of the funding agreement, Future Lifestyle Fashions subscribed for approximately £10.48m at an average price of 15 pence per share, representing a total cost of £3,667,125.04.
Future Lifestyle Fashions also conditionally subscribed for a second tranche of £6,810,374.96 for 24,010,937 compulsorily convertible preference shares at the equivalent price of 28.36 pence per share.
The issue of these CCPS, the second tranche shares was conditional on shareholder approval, and the company 'expects to shortly convene the necessary general meeting, to put the necessary resolutions to shareholders,' Koovs said.
'Assuming shareholder approval is received and the CCPS are issued, by no later than 12 months after such issue, the CCPS will automatically convert into 24,010,937 new Ordinary Shares. When combined with the subscription price paid for the First Tranche, the blended price paid by FLFL for the total investment of approximately £10.48 million will be 15 pence per share,' it added.
At 8:53am: (LON:KOOV) Koovs Plc Ord 1p share price was +0.65p at 6.8p