Atlantic Sapphire adjusts terms of convertible loan ahead of EGM.
Atlantic Sapphire has updated shareholders on proposals ahead of its extraordinary general meeting, following allocation of subscriptions in its planned convertible loan.
The company’s board now proposes that the loan be set at $59.2 million, up from the previously announced $35 million. The increase reflects capitalization of a bridge loan with associated fees and interest, a prior $20 million convertible loan with interest, and underwriting fees linked to the new issue.
The board has also withdrawn its earlier proposal to issue independent subscription rights. Instruments in the company’s long-term incentive plan will instead be issued under existing board authorizations, though a future meeting may be asked to consider a separate subscription rights issue.
