On 26 September 2017, Angelfish Investments plc (“Angelfish”) announced that the Company had entered into an agreement to provide a loan facility to Rapid Nutrition Plc (“Rapid”).
Rapid Nutrition is a natural healthcare company focused on the research, development and production of a range of life science products. The company was established on the back of its successful and proven weight loss supplement range which is exported worldwide, and now offers consumers a growing range of health and wellbeing solutions to meet existing and emerging societal health concerns, as well as a providing number of wider services to the life sciences industry. http://www.rnplc.com/
Rapid is presently listed on the SIX Swiss Exchange, Zurich and has appointed corporate advisors with a view of working towards obtaining a listing in London.
In the first instance the loan provided by Angelfish to Rapid is in the amount of £150,000 and interest bearing at 10% per annum until 28 February 2018. The loan, plus rolled-up interest, is automatically convertible into Rapid ordinary shares immediately prior to an admission of Rapid ordinary shares to a listing on a recognised investment exchange as defined by the FCA (“Admission”), at a price of 13.32p per share, provided Admission occurs by 28 February 2018.
On 1 May 2018 Angelfish announced that due to matters outside of Rapid’s control, the Admission process had taken longer than anticipated. In recognition of this, Angelfish agreed to extend the Admission Delay Date to 31 July 2018.
In addition, Angelfish agreed that the Loan will convert into Rapid shares on the basis of the principal sum plus interest accrued up to 28 February 2018. Interest earned from 1 March 2018 will cease to roll up into the Loan and instead is payable at 15% per annum in cash monthly in arrears.