The Board of Director's decision to issue convertible loans

	The Board of Director's decision to issue convertible loans
	10 April 2024 Company Announcement no. 12

 

The Board of Directors of Pharma Equity Group has decided on the issuance of additional convertible loans in accordance with the authorization in the company's articles of association under Article 4.3.A.

 

The convertible loans allow Pharma Equity Group to borrow up to DKK 1,000,000. The main terms of the convertible loans are:

 

• The loan is granted as a subordinated loan and is thus subordinated to the company's other creditors, except any other equivalent subordinated loan.
• The lender's right to convert the loan into shares of the company may be exercised for a period of 30 days commencing 23 calendar months after the conclusion of the convertible loan (the "Exercise Period").
• The loan bears interest at 3.25% per quarter and remains without instalments until the end of the Exercise Period, after which the company must repay the loan including interest within 60 days, however, the company may extend the loan period by 12 months.
• The company can choose to pay the loan incl. interest in shares (conversion of the promissory note).

 

Upon conversion of the loans into new shares, the new shares will be without pre-emptive rights for the company's existing shareholders and with the same rights as the company's existing shares. The new shares will therefore be admitted to trading on Nasdaq Copenhagen. The conversion will take place at par, so that an amount of DKK 1.00 will be converted into one new share of DKK 1.00 each in the company. The maximum increase in share capital as a result of conversion of the convertible loans is DKK 1,474,690.

 

The remaining terms of the convertible loan will be laid down in a convertible loan agreement and the Board of Directors' decision on the issuance of the convertible loan will be included in its entirety in the company's articles of association. The company's updated articles of association will be posted on the website.