#VELA investee #KNB Kanabo Group plc – Amendments to Acquisition Agreement May 16, 2023 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: agreement, investment, investor, issue, loan, meif, repayment, shares

Further to the acquisition of The GP Service Limited (the “GP Service”), as announced on 21 February 2022, and pursuant to a sale and purchase agreement (the “Agreement”), Kanabo was due to issue 12,574,931 Ordinary Shares to MEIF WM Debt LP (“MEIF”) in satisfaction of the MEIF loan.

The Company negotiated with MEIF and agreed that in respect of the 12,574,931 Ordinary Shares due to be issued and sold by Kanabo to satisfy the MEIF loan, the definition of “Final Repayment Date” in the original MEIF loan agreement shall be extended to 31 December 2024 or such later date as determined by MEIF. It was also agreed that if the Company, at its discretion and at any time prior to the Final Repayment Date, finds buyers for the 12,574,931 Ordinary Shares it will do so to satisfy the loan repayment.

Defined terms in this announcement shall have the same meaning as set out in the Acquisition of The GP Service Limited announcement made on 21 February 2022, unless otherwise specified herein.

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