In its suggestions towards board of directors, the newest Panel ended the following:

• Interest rate: Attention should continue steadily to accrue during the 11.5% yearly.
• This new reorganizing fee: Through to delivery of an amendment and you will restatement arrangement, a one-out of restructuring commission out of EUR two hundred,000 should be used on the main amount a fantastic beneath the Kreos Loan at the time of , and that should accrue notice on interest rate and in conformity toward terms of the new Kreos Loan up until installment.
• Hive-Down: Any Hive-Off is going to be enabled, however, at the mercy of certain assented criteria, as well as in terms of Kreos’s existing earliest ranks cover total the latest assets the business as well as subsidiaries, together with intellectual possessions.
• Kreos Sales: In the event your Providers or DSRCo introduces guarantee otherwise a modifiable or exchangeable funding pursuant to help you good Hive-Off Upcoming Financial support, EUR step 1,000,000 of dominant amount outstanding according to the Kreos Financing is changed into offers otherwise convertible otherwise exchangeable obligations regarding DSRCo at mutatis mutandis an equivalent terms.
• Panel observer: A representative away from Kreos shall be designated while the a board observer in this ten business days from admission into a modification and you will restatement contract.
• Monetary covenant: Pursuing the fulfillment of your own criteria towards the extension of Last Cost Big date from , the business should make sure it keeps adequate cash runway right up to help you and including .

In view hereof, the fresh panel of administrators of your own Providers applied the entire process of Blog post eight:97 of Belgian Businesses and you will Contacts Code in connection with the brand new approval of one’s Modifiable Bridge Loan

The firm plus registered toward amendments with regards to (i) the brand new EUR 4,300,000 partially convertible loan that have PMV Standaardleningen NV (previously known as PMV/z Leningen NV), (ii) the fresh new EUR dos,000,000 loan that have Belfius Insurance rates NV, and you may (iii) the fresh EUR eight hundred,000 financing that have Sensinendments towards the these money consist of (a) a growth of your relevant interest rates around each of the relevant financing agreements having step one.0% per annum and (b) together with a sales best enabling each of these loan providers to transform all the amounts an excellent lower than their financing on shares of Team within a conversion price equivalent to new arithmetic mediocre of americash loans Gurley locations your own day-after-day regularity weighted average trade price for each and every display of Organization’s offers traded to the Euronext Brussels over the course of thirty (30) straight working days ending for the (and you may along with) the 3rd trading day before big date on what the company has already established the fresh guarantee conversion process exercise notice, without a discount regarding twenty-five%.

The following data is considering pursuant to help you Blog post eight:97, 4/1 of the Belgian People and Associations Password to the this new Modifiable Connection Mortgage provided because of the Lovers into the Collateral, EQT, GRAC and you may Rosetta Resource into the Business

Lovers in the Collateral, EQT and Rosetta Financial support was shareholders of the Company and generally are portrayed toward panel regarding administrators of one’s Organization. As a result, all of them would-be thought to be an effective “relevant team” inside concept of the Worldwide Financial Revealing Standards, because the used by the European union (IFRS), once the labeled in the Blog post eight:97 of Belgian Businesses and you may Relationships Password. Ids van der Weij (a manager, representing Partners for the Security), Rudy Dekeyser (a manager, symbolizing EQT) and you will Kenneth Macleod (a manager, symbolizing Rosetta Resource) didn’t be involved in the latest deliberation and you can voting by the board of directors regarding the brand new acceptance of getting into of your associated mortgage arrangements.

In context of the the latter process, prior to this statement plus the signing of the Modifiable Connection Loan papers, a committee of around three separate directors of the Providers (new “Committee”) issued a suggestion towards panel from directors the spot where the Panel examined brand new entering into of the Modifiable Bridge Loan.