Last week on 30 June River Tech held its AGM and EGM, where all ordinary and extra-ordinary resolutions were approved. The resolutions of the AGM and EGMs contained various important resolutions to improve the Company’s governance and financial structure with significant implications for the future outlook of River Tech.
Among the ordinary decisions was the appointment of PWC as Auditors and the appointment and election of Shawn Bezzina, Kent Staahle and Kathleen Zarb Adani as directors. While Extra-ordinary resolutions included the resolution to set-off the company’s share premium account against its accumulated losses and the resolution to extend a convertible loan agreement with Spinola Ventures Ltd, by 12 months (originally dated Feb 2019 – July 2022).
The agreement of the loan extension is significant as it charts a course for River Tech to become debt-free. The remaining loan amount as of 27.05.22 (date of the initial announcement) was EUR 5.9m. This compares to River Tech’s cash from operating activities for year 2021 of EUR 6.4m. River Tech CEO, Luke Ciantar, held a discussion together with HC Andersen Capital discussing the events of the AGM and EGMs, with a particular focus on the significance of the convertible loan extension and what it means for the future of River Tech.
Join that conversation here to learn more: https://youtu.be/4Wlc79ybNIs