DGAP-Adhoc: Holmes Investment Properties Plc Closes two-year Loan Note

 
Holmes Investment Properties Plc (HIP) can announce the successful closure of its two-year Convertible Loan Note which has raised £250,000 for the Company. The funds will be deployed, in particular, for progressing sites - prospecting new sites, completing current targets, obtaining planning permission and associated working capital.
Summary of Terms:
 

• Nominal Value  £1,000
• Issue Price        64.1%
• Term                 24 months

 
The Company has the option to redeem the Loan Notes early in accordance with a sliding scale of redeemable value. The Loan Note Holders have the option to convert at their discretion after six-months have passed. The conversion is capped at four times the closing price on the 22^nd March 2018. The Company is now planning its next fund-raising activity and will announce this in due course.
 
Michael Simmonds, Chief Operating Officer for Holmes Investment Plc said: "With this raise we have been able to make a contribution to the working capital of HIP Entertainment Ltd, so that it is now fully funded until its first venue opens."
 
HIP will shortly be launching a 5-year loan note, with a coupon of 8.5% and which is convertible into ordinary shares in the company at the end of the term with a discount to the market price at that time. Interest can be registered ahead of the launch by emailing invest@hipplc.com.
 
 
Enquiries:
HIP Plc
Martin Eberhardt, Chairman   martin.e@hipplc.com  
 
Yellow Jersey                                    
Charles Goodwin    07825 916 715                               
Georgia Colkin        hip@yellowjerseypr.com  
Abena Affum
 
Notes to Editors

Holmes Investment Properties Plc
Holmes Investment Properties Plc (Berlin: J16), a UK property investment company focused on the leisure sector, listed on the Berlin Stock Exchange in 2011.

Through its subsidiaries, UK Adventure Parks Ltd and HIP Entertainment Properties, HIP plans to work with leisure operators to source plots of land, acquire sites under option agreements, gain planning consents, build the leisure centre site to the operator's specification and maximise their returns, against a pre-agreed long-term lease with an agreed yield.

As the leisure market continues to grow, along with the number of leisure centres in the UK, HIP intends to partner with fast growing companies, aiming to develop a minimum of 12 leisure centres over the next 5-6 years, significantly enhancing the Company's balance sheet.