ACT - Actcelerate International Group Limited (ACT.NSX) Update on IDEAQU Investment
As announced 1 July 2019, the Company entered into a convertible note deed (Deed) with IDEAQU for an investment of SGD$400k by way of subscribing for convertible notes (Notes). The Notes were for an initial 2-year term, and attracted a coupon of 9% per annum, paid half yearly. IDEAQU have been meeting their coupon payments to date.
As foreshadowed at the Company's Annual General Meeting, IDEAQU have been advancing their plans to seek a listing of the business on an international exchange. As part of this process, AIG's investment in the Notes will be converted into equity in the new listed company (Conversion Event).
Pursuant to the Deed, and to provide IDEAQU with time to undertake their listing event, the parties have agreed to extend the repayment date of the Notes until the earlier of the Conversion Event or 31 December 2022.
About Actcelerate International Group Limited:
Actcelerate International Group (NSX:ACT) is a Diversified Investment Company whose focus is on the Asia-Pacific market. Our investments focus on four major sectors. These are, Information and Communications Technology, New Age Retail, Financial Services, and Green Technology. The objective of the company is to capture the above-mentioned sectors, that have a high potential for growth, in the Asia-Pacific market. This is as the Asia-Pacific is a single market and production base, and is a competitive economic region within the global economy.
We invest in companies and businesses which meet the above-mentioned criteria. We then provide these companies with the opportunity to expand their market coverage. We focus on SMEs and start-up companies in the Asia Pacific that have the potential for continuous growth. We can strengthen our purchasing power by leveraging and co-investment collaborations.
Our target companies will be working closely with us in all aspects of business. This gives them an in-depth, better understanding of the nature of the business. It allows us to develop focused strategies to accelerate the growth potential of the business.
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Actcelerate International Group Limited