Saturday, 30 March 2024

Announcement

GENERAL: WTL: Update on Windflow Restructuring

03 Jan 2018 08:30NZX
Update on Windflow Restructuring - Completion planned for mid-January

As announced previously, the Company is undertaking a financial restructuring
which involves a transaction with David Iles to:
o Transfer the Company''s subsidiary Windflow UK Ltd (which holds the
Group''s UK assets) to him
o Cancel all the Company''s obligations in respect of his loans to
Windflow UK
o Convert the Company''s outstanding preference shares
o Enter an Operation and Management (OM) contract whereby the Company
will earn a fee for operating and managing Windflow UK.

The current status of this restructuring is that, following the approval of
shareholders being obtained on 20th October, 2017 the two main agreements
(Debt Settlement and OM contract) were finalised in early December and
executed by the parties by 15th December, 2017.

Settlement was to have been completed by the end of December. Because of
the Christmas and summer vacation break, this has been deferred until
mid-January (target date 19th January 2018). As both agreements have an
effective date of 1st December, 2017, the timing of settlement does not
impact the arrangements.

ENDS

For further information: www.windflow.co.nz
End CA:00312590 For:WTL    Type:GENERAL    Time:2018-01-03 08:30:06
Views: 937
Windflow Technology
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