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NEXTED GROUP LIMITED — Capital/Financing Update 2019
Apr 10, 2019
65463_rns_2019-04-10_c026926f-8704-4527-86fd-6c1808d74213.pdf
Capital/Financing Update
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11 April 2019
Australian Securities Exchange Limited Via e-lodgement
ASX Code ICT
Conversion of $0.5M Convertible Notes to shares; Extension of escrow period and expiry of unquoted options
iCollege Limited ((ASX: ICT), “iCollege” or “the Company”) is pleased to advise that the note holder of Convertible Notes to the value of $500,000, has provided the Company today a Conversion Election Notice which also includes conversion of accrued interest of $49,863, in accordance with the Convertible Note Deed as originally announced to ASX on 13 April 2018.
The conversion of $549,863 is completed at a price of $0.03 which equates to 18,328,767 fully paid ordinary shares in the Company and will be issued out of the Company’s existing ASX LR 7.1 15% capacity. An Appendix 3B will be lodged with ASX today along with a s.708 Cleansing Notice.
The Company is very pleased to welcome Mr Simon Fenwick, director and beneficiary of Silver River Investment Holdings Pty Ltd ATF the Fenwick Family Trust to the ‘Top Ten Shareholder list’, and as a cornerstone investor. Simon is a private investor, he previously worked as an analyst and Portfolio manager, in New York and London.
The Company is further pleased to advise that Mr Fenwick has agreed to voluntary escrow all conversion shares to 31 August 2020, which endorses his confidence in the company’s strategy, growth plans and direction.
Extension of existing escrow shares
In line with this, Mr Simon Tolhurst, Chairman and Non-executive Director, Mr Ash Katta, Managing Director and Founding Shareholder, along with Mr Badri Gosavi, Director and CFO have agreed to extend their existing voluntary escrow period from 31 August 2019 for an additional 12 months to 31 August 2020.
Total escrow shares will now represent 29.5% of the total issued share capital of the Company.
Doc ID 631349663/v1
Voluntary Escrow Schedule
| Holding Name | Escrow Shares | Escrow Release Date | Interest |
|---|---|---|---|
| Druid Consulting Pty Ltd | 73,050,000 | 31 August 2020 | Manthano Ltd founding shareholder & Director held indirectlybyMr Ashish Katta |
| Badri Gosavi | 10,000,000 | 31 August 2020 | Held directly by Director & CFO Mr Badri Gosavi |
| Midwicket Pty Ltd | 3,624,637 | 31 August 2020 | Held indirectly by Chairman Mr Simon Tolhurst |
| Silver River Investment Holdings Pty Ltd ATF the Fenwick FamilyTrust |
18,328,767 | 31 August 2020 | Director and beneficiary Mr Simon Fenwick |
| Monarchial Pty Ltd | 50,000,000 | 31 August 2019 | Manthano Ltd founding shareholder held indirectly byMr Prashant Patel |
| TOTAL VOLUNTARY ESCROW SHARES |
155,003,404 |
Expiry of unquoted options
The Company confirms that the following unquoted options have recently expired.
11,666,674 Options exercisable at $0.30 – expired 31 March 2019
2,000,000 Options exercisable at $0.10 – expired 1 April 2019
Ends –For further Information:
Mr. Ash Katta – Managing Director iCollege Limited +61 8 9466 9008 [email protected]
Doc ID 631349663/v1