Intellect Lending Group, direct lending specialist group, issued an important notice to all ILG 9% Noteholders.
The Extraordinary Resolution communicated in July 2021, regarding certain amendments to the Terms and Conditions of the Notes, has been voted for and consented to by more than 90 percent of the Noteholders, and therefore has been duly passed and adopted , and its provisions are now in full force and effect.
THE EXTRAORDINARY RESOLUTION RESOLVED THAT:
(a) In line 2 of Condition 6(a) (Interest Accrual) of the Terms, “rate 9 per cent.” is amended and replaced with “rate 3 per cent.”;
(b) In line 3 of Condition 6(a) (Interest Accrual) of the Terms, “8 December”, as amended to “24 January, 24 April, 24 July and 24 October” pursuant to the Extraordinary Resolution of the Noteholders dated 20 September 2016 (“Resolution”), is amended and replaced with “08 June”; and
(c) In lines 2 & 3 of Condition 6(c) (Calculation of Interest) of the Terms, “EUR 9,000”, as amended pursuant to the Resolution to “EUR 2,250”, is amended and replaced with “EUR 3000”, and “EUR 9”, as amended pursuant to the Resolution to “EUR 2.25”, is amended and replaced with “EUR 3”;
AND THAT, the first Interest Period hereafter begins on 24 April 2021 and ends on 08 June 2022, and Issuer shall next pay interest therefor on 08 June 2022, in an amount calculated with reference to the new interest rate of 3%, in accordance with Condition 6(d) of the Terms (Calculation of Interest for any other period). A copy of this Extraordinary Resolution shall be attached to the Global Note representing the Notes.
THE RESOLUTION IS BINDING ON ALL NOTEHOLDERS.
Please consult the attached Notice for full information.