Sharechat Logo

BPG - Amendment to Promissory Note

Thursday 13th April 2023

Text too small?

Blackpearl Group would like to announce to the market that the promissory note entered with AZ Crown (a related party of Blackpearl Group through Blackpearl Group’s director, Tim Crown) in November 2022 has been amended.

 

Under the note BPG owes NZ$2.4 million to AZ Crown which is half due for repayment by 23 December 2023 and with the balance due for repayment by 23 January 2025. To secure its repayment obligation to AZ Crown, BPG granted a security interest over all present and future personal property of Blackpearl Group in favour of AZ Crown.

 

To demonstrate its support of BPG, AZ Crown has today:

 

Discharged its security interest meaning that the note is now an unsecured obligation of BPG.

 

Extended the two due dates for repayment of the note by 12 months each.

 

Entered a conditional agreement with BPG to provide AZ Crown the ability to convert all or part of the amount owing under the note at any time on or before 23 January 2026 to ordinary shares in BPG at a conversion price of NZ$1.02 per share. This agreement is conditional on shareholder approval which is intended to be sought at this year’s annual shareholders meeting.

 

For and on behalf of the board,

 

Karen Cargill

Chief Financial Officer

 

For further information, please contact:

hello@blackpearlgroup.com | +64 480 39390



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

TRU - WHO Agency UNITAID Features TRU in Tech Landscape Report
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director