PRN: EHGO responds to allegations made by Iconic Labs

19/gen/2021 16:21:14 PR Newswire Turismo Contatta l'autore

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EHGO responds to allegations made by Iconic Labs


LONDON, Jan. 19, 2021 /PRNewswire/ -- European High Growth Opportunities ManCo S.A. as the management company of European High Growth Opportunities Securitization Fund ("EHGO"), a fund based in Luxembourg, has responded on behalf of EHGO to certain incorrect allegations made by Iconic Labs ("Iconic") in a press release on 18th January 2021.

In a statement, EHGO said: "Iconic alleges that EHGO refused to 'provide the investment monies due under a loan note for which it had subscribed'. What Iconic did not say, however, is that EHGO never subscribed for the loan note referred to by Iconic, as the conditions precedent to EHGO's obligation to do so had not been met by Iconic. Among other things, Iconic were in breach of our financing agreement by not having share issuance authorities in place to cover the conversion of existing and new notes. Accordingly it was Iconic that did not meet the necessary conditions for the drawdown and EHGO did not breach its financing agreement with Iconic.

"Iconic have also incorrectly stated that there was an agreement in principal between EHGO and Iconic which was "reneged" by EHGO.  It is true that EHGO negotiated with Iconic in good faith to try to find a resolution to Iconic's financing needs and breach of our financing agreement, and made several proposals which were summarily rejected by Iconic and its board (litigation is always a last resort for EHGO). Sadly it was Iconic (and not EHGO) who eventually abandoned negotiations over a settlement (most recently at the end of December) with respect to our financing agreement.

"That said, we are glad that Iconic has confirmed that it 'has always been and remains open to reaching a settlement with EHGOF on commercially practical and sensible terms'. If they genuinely wish to engage again in dialogue with us we will, of course, be delighted to do so and await their contact.

"From the start of the current management's journey with Iconic, we have consistently provided significant support for Iconic and its management team, as we have for all the businesses that we invest in.

"Although EHGO is very disappointed that they have chosen to take this path which has led to litigation, EHGO has a fiduciary duty to its investors to pursue repayment of amounts owed to EHGO under the current notes outstanding. With this in mind, EHGO will not litigate this matter in the public domain, but rather through the courts as appropriate."

Notes to editors

About European High Growth Opportunities Securitization Fund

European High Growth Opportunities Securitization Fund is an institutional investment company based in Luxembourg which focuses on financing innovative companies globally that are deemed to be significantly undervalued.

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