12th Apr 2024 17:17
(Alliance News) - East Imperial PLC said it is in talks with advisors after receiving a GBP2.2 million convertible note redemption notice, which it is "unable to meet".
The New Zealand-based producer of tonic waters and drink mixers said it has received a redemption notice from INL Investment Ltd in connection to a convertible note. INL is seeking an immediate redemption of its notes, totalling GBP2.2 million.
"The company is unable to meet this redemption liability and therefore the board is now in discussions with professional advisors in connection to the company's possible administration or liquidation, and with the FCA regarding the potential suspension of trading of the company's shares," East Imperial warned.
"The board will update shareholders on the company's financial position as soon as possible."
East Imperial shares slumped 24% to 0.28 pence each in London on Friday.
By Eric Cunha, Alliance News news editor
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