Zamaz terminates Atlas Capital Markets convertible loan note facility

(Alliance News) - Zamaz PLC on Monday said it has terminated its loan note facility with Atlas Capital Markets via mutual consent.

Shares in Zamaz were up 16% to 9.00 pence each in London on Monday at midday.

The London-based e-commerce and retail technology aggregator of sustainable brands said this was agreed under a transaction with Atlas Capital Markets back in September, comprising an equity investment in 35.3 million shares and a GBP15 million convertible loan note facility plus warrants.

No notes or warrants were issued under the facility before its termination, Zamaz said, while Atlas Capital Markets has also sold its entire shareholding to a group of investors at the subscription price of 10.45 pence per share.

"The Atlas investment formed part of Zamaz's capital structure at the time of our direct listing," said Zamaz Non-Executive Chair Martin Groak.

"However, following our successful admission we believe that the next phase of growth, primarily through acquisition, will be better served using other forms of acquisition finance, including debt and equity security issues," Groak continued, referring to Zamaz's initial public offering on the London Stock Exchange in September.

"We expect to be able to update the market shortly regarding our next acquisition."

By Greg Rosenvinge, Alliance News reporter

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