RGG RentGuarantor Holdings PLC

TIDMRGG

RNS Number : 7069J

RentGuarantor Holdings PLC

18 August 2023

18 August 2023

RentGuarantor Holdings PLC

(the "Company" or "RentGuarantor")

Issue of Convertible Loan Notes

RentGuarantor (AQSE: RGG), a provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the UK private rental sector, is pleased to announce that a total of GBP200,000 has been raised through the issue of 6% coupon unsecured convertible loan notes 2022 (the "Notes"). Paul Foy, CEO of RentGuarantor, has subscribed to Notes in an amount of GBP50,000. The Board is satisfied that the amount raised is sufficient for the Company's current requirements.

Interest on the Notes accrues yearly at 6%. Such interest to be paid on the first year anniversary of the deed entered into by the Company on 16 August 2023 (the "Deed").

The Company may convert the principal sum into fully paid Ordinary Shares at the lower of the share price of the Ordinary Shares of the Company on the day falling 10 business days after the service of a conversion notice (such notice to be served no later than 15 August 2024) (the "Conversion Date") and the average price of the Ordinary Shares traded on the Aquis Stock Exchange (or other applicable stock exchange) when calculated across the sixty consecutive days prior to the Conversion Date.

The Notes, if not converted, are to be redeemed at the principal amount together with a redemption premium of GBP0.10 for every GBP1 of the principal amount, and pro rata for any larger or smaller amount on the first anniversary of the Deed.

The proceeds of all subscriptions for the Notes will be used to fund the Company's current working capital and capital expenditure requirements.

The directors of RentGuarantor accept responsibility for this announcement.

**ENDS**

For further information please contact:

RentGuarantor Holdings PLC

Paul Foy, Chief Executive Officer

+44 207 193 4418

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Nick Michaels/Maya Klein Wassink

+44 20 3772 0021

Zeus (Joint Broker)

Simon Johnson (Corporate Broking)

James Hornigold (Investment Banking)

+44 203 829 5000

Oberon Capital (Joint Broker)

Mike Seabrook

Nick Lovering

+44 (0) 203 179 5300

BlytheRay (Financial PR)

Tim Blythe

Megan Ray

+44 207 138 3204

About RentGuarantor Holdings Plc

RentGuarantor provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector ("PRS"). The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor. RentGuarantor supplies its service to the whole of market - students, employed, and people on benefits including Universal Credit. Local authorities have a legal obligation under housing and other property related Acts of Parliament to provide tenants with a home and this is mostly achieved by paying for the tenant to reside in a PRS property. Local authorities use the guarantee service as they cannot become a guarantor. RentGuarantor's risk from rent guarantees is fully underwritten by Lloyds of London.

The Company's strategy is to strengthen its senior and middle management team and grow revenue in accordance with its business model. RentGuarantor sees the PRS continuing to grow with affordability to buy, coupled with lifestyle choices being the key drivers over the next 3-5 years.

RentGuarantor will rollout additional services that complement RentGuarantor's proposition, which will deliver additional revenue, and cement RentGuarantor as the leading rental guarantor company in the UK.

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END

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August 18, 2023 02:00 ET (06:00 GMT)

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