Quantum Blockchain seeks to extend bonds, lower conversion price

By Marisa Wong

Los Angeles, March 30 – Quantum Blockchain Technologies plc announced it has written to the holders of its zero-coupon bond, originally issued in 2013, calling a meeting on April 21 seeking bondholders’ approval of some proposals.

The company wants to extend the maturity of the bond to Dec. 15, 2024 from Dec. 15, 2022 and to amend some terms of the bondholders’ conversion right, modifying the conversion price to £0.05 from £0.15, according to a press release.

All holders of the bonds are entitled to vote on the proposals.

Eufingest SA, which holds €3 million out of the €4.8 million total face value currently in issue, has confirmed to the company that it intends to vote in favor of the proposals.

The bondholders’ meeting requires a quorum of two bondholders holding at least 66.66% of the bonds. If the meeting lacks a quorum, it will be adjourned for 14 days. At any adjourned meeting, any number of bondholders will represent a valid quorum.

Holders who wish to vote and whose bonds are held in the name of a broker, dealer, commercial bank, trust company or other nominee institution (including as CDIs) must contact that nominee promptly and instruct or make arrangements with that nominee to vote in accordance with the customary procedures of the clearing systems on behalf of the bondholders. Proxies are due on April 19.

The London-based investment company recently realigned its strategic focus to technology related investments, with special regard to quantum computing, blockchain, cryptocurrencies and AI sectors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.