IN BRIEF: Clean Invest Africa issues bonds, plans switch from coal

Clean Invest Africa PLC - investor in energy projects in Africa - On Thursday issues GBP60,000, ...

Alliance News 17 September, 2021 | 8:45AM
Email Form Facebook Twitter LinkedIn RSS

Clean Invest Africa PLC - investor in energy projects in Africa - On Thursday issues GBP60,000, six-month convertible bond split equally among directors Noel Lyons, Filippo Fantechi and Paul Ryan. The bond is convertible into shares at the request of the holders, at a price of 0.25p per share. It has a coupon of 8% payable in shares at 0.25p each, upon redemption or conversion. Both the bond and the coupon carry two warrants for each share.

In addition, the same directors agree to convert professional fees owed to them by the company into shares at 0.25p each. Lyons and Fatechi are owed GBP42,000 each, while Ryan is owed GBP50,820.

Clean Invest Africa plans to re-rate all existing options to a strike price of 0.25p for five years, subject to shareholder approval, because they are "effectively worthless" following the fall in share price.

Undertakes a strategic review to explore opportunities beyond coal. "Whilst cleaning up legacy coal which is at the core of the company and has a clear and obvious demand, investors globally have a significant and hardening reluctance to invest in any part of the value chain that might involve the eventual burning of coal."

Current stock price: 0.40 pence

Year-to-date change: down 47%

By Ivan Edwards; ivanedwards@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Clean Invest Africa PLC Ordinary Shares 0.40 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.