LUXEMBOURG--(BUSINESS WIRE)--European High Growth Opportunities Securitization Fund (“EHGO”), an institutional investment fund based in Luxembourg, has issued a statement in relation to the announcement that administrators have been appointed to Iconic Labs Plc (“Iconic”).
In the statement, EHGO said: “EHGO has been an important financial supporter of Iconic. We have provided significant funding for Iconic previously and were in discussions with the company to provide substantial new financing arrangements involving a facility of up to £50 million.
“We have tremendous faith in the vision for the company set out by the new CEO Brad Taylor to be a cutting-edge media, data, information, internet, security and technology company. We believe the business is a highly viable one with an exciting future, and have faith that Brad is doing everything he can to get Iconic on track to sustainable growth. We intend to support the new board’s vision with substantial new financing.
“EHGO has reached out to the administrator with the offer to immediately pay the debt of Iconic which is owed to Iconic’s secured creditor on behalf of Iconic in exchange for a promissory note from Iconic provided that Iconic is taken out of administration swiftly. The necessary funds are being transferred to EHGO’s counsel’s account by EHGO with instructions for immediate release to the secured creditor upon (i) confirmation that Iconic has executed a promissory note for the amount lent; and (ii) the receipt of an undertaking from the administrator that it shall take Iconic out of administration as soon as the secured creditor is paid. In EHGO’s view the amounts are not large, and it would be in all shareholders’ and the other Iconic’s creditors’ interests that the administration be ended swiftly.
“In addition, we note that the General Meeting scheduled for 15 June 2021 is important for Iconic in terms of allowing shareholders to pass various resolutions that would give the company a secure financial future. In EHGO’s view, such General Meeting is a crucial step towards helping to ensure that all creditors are repaid and that Brad Taylor and his team have the financial means to implement their robust plans for Iconic. We therefore trust that the administrators will give due consideration to this meeting proceeding and otherwise act in accordance with their statutory obligations.”
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About European High Growth Opportunities Securitization Fund
European High Growth Opportunities Securitization Fund is an institutional investment fund based in Luxembourg which focuses on financing innovative companies globally that are deemed to be significantly undervalued.