Investment and Issue of Bond IM

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, RUSSIA, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering memorandum or an offer in rela-tion to any securities of First Sentinel Plc or of any other entity and should not be considered as a recommendation that any person should subscribe for or purchase any such securities. This announcement contains inside information for the purposes of the Market Abuse Regulation (EU No. 596/2014) (“MAR”). Upon the publication of this announcement, this inside information is now considered to be in the public domain and shall therefore cease to be inside information.

First Sentinel logo

First Sentinel plc
(“First Sentinel” or the “Company”)

Investment in UK supply chain finance business, Capable Finance Limited

Admission of up to GBP7,000,000 sterling denominated
7.5% Secured Bonds due 31 May 2024 to Euronext Dublin (“Bonds”) and Publication of Information Memorandum

Issue of the first tranche of 490,000 Bonds

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Capable Finance

First Sentinel Plc (“First Sentinel” or the “Company”) (NEX: FSEN), the alternative investment company focused on providing growth capital for public and private company investments, announces that it has invested £75,000 in Capable Finance Limited (“Capable”), a newly formed fintech company that will focus on the provision of finance to suppliers of medium sized UK corporates.  Of this amount, £50,000 was invested for a 50.01% holding in Capable and £25,000 was invested as a loan attracting an annual coupon of 15%.  Brian Stockbridge, Colin Maltby and Aimee Freeding are all directors of Capable.  Additionally, Capable raised a further £110,000 from investors and the following directors of the Company participated as set out below:

 

Director Investment Holding in Capable Finance %
Brian Stockbridge *£25,000 10%
Colin Maltby *£25,000 10%
Tom Dignall *£25,000 10%
Aimee Freeding **£10,000 9.9%
£85,000

* £10,000 was invested as equity and £15,000 as a loan attracting an annual coupon of 15%
** £10,000 of services was provided in brand, website and IT infrastructure setup

Admission of up to GBP7,000,000 sterling denominated 7.5% Secured Bonds due 31 May 2024 to Euronext Dublin and publication of information memorandum

First Sentinel intends to issue up to GBP7,000,000 sterling denominated 7.5% Secured Bonds due 31 May 2024, to be admitted to trading on the global exchange market operated by Irish Stock Exchange plc, trading as Euronext Dublin. The Bonds are redeemable each year.  Accordingly, today the Company has published the Information Memorandum in connection with the Bonds, a copy of which is available from the Company’s website at www. www.first-sentinel.com.

The Company expects to issue the Bonds in tranches over the course of 2019 and 2020 and intends to make an application for admission of the Bonds to trading on Euronext (“Admission”).  The Company will make a further regulatory news announcement at the point of any further Bond issue(s).

Use of Proceeds

The Board intends to use the net proceeds of the Bonds of up to £6.5m to invest in the activities of its subsidiary, Capable Finance.  The proceeds will be used to fund the supply chain finance activities of Capable Finance.

Issue of the first tranche of 490,000 Bonds

First Sentinel announces that it has raised approximately £490,000 from the issue of 490,000 Bonds at £1 per Bond, being the first tranche of Bonds to be issued and it is anticipated that the Bonds will commence trading on Euronext Dublin on or around 28 June 2019 under the symbol [TBA].  The ISIN for the Bonds is GB00BJQZTK49.

About First Sentinel

First Sentinel is an alternative investment company, registered with the FCA as a small authorised UK AIFM, which provides growth capital for public and private company investments. First Sentinel invests in a range of debt and equity instruments in target portfolio companies.

The Company’s website is www.first-sentinel.com

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For further corporate information, please contact:

Mr. Brian Stockbridge
Chief Executive Officer
First Sentinel Plc
Tel: + 44 (0) 7876 888 011
Email: brian@first-sentinel.com

NEX Corporate Advisor
Beaumont Cornish Limited
James Biddle / Roland Cornish
Tel: +44 (0)20 7628 3396

 

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