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Eight Capital to convert EUR34 million of private and listed debt

24th Nov 2022 17:40

(Alliance News) - Eight Capital Partners PLC on Thursday updated on its up to placing and broker option, and debt conversion process.

London-based Eight Capital Partners is a financial services operating company that aims to grow revenue through businesses engaged in financial technology.

Eight Capital Partners explained the fundraising includes a GBP10 million placing and broker option, and a EUR33.8 million debt conversion process.

It forms the next step for Eight Capital Partners to increase its market capitalisation to over GBP50 million, and "significantly" expands its balance sheet and "positions it well" for the implementation of its fintech strategy.

As part of the fundraise, existing bondholders have the opportunity to convert their debt holdings into equity.

Eight Capital Partners said this has been well-received amongst existing bondholders, and the company has entered into conversion agreements to convert EUR3.9 million of existing bonds into equity.

Trumar Capital LLC, Eight Capital Partners' largest shareholder and debt holder, will convert a further EUR29.9 million of debt alongside the other converting bondholders.

Eight Capital Partners said that following the conversion, Trumar Capital will be interested in 143.5 million ordinary shares, representing a 89% stake.

Eight Capital shares last traded at 0.025 pence on Wednesday in London.

By Jaskeet Briah; [email protected]

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