ECP Emerging Growth Limited (ASX: ECP) has released its quarterly report to the Trustee and ASIC for the ECP Convertible Notes (ASX: ECPGA) for the period ending March 31, 2025. The report indicates compliance with the terms of the Notes, the Trust Deed, and Chapter 2L of the Corporations Act 2001. The conversion price of the ECP Notes into Ordinary Shares remains steady at $1.43.
A key highlight of the report is the Loan-to-Value (LTV) Ratio, which stands at 25.72% as of March 31, 2025. This ratio is calculated by dividing the Total Debt (less Cash and Cash Equivalents) by the Market Value of all Marketable Securities held by the Issuer. The specific figures used in the calculation are as follows: Total Debt: $10,824,434; Cash and Cash Equivalents: $1,191,318; Market Value of Marketable Securities: $37,446,564.
The interest rate on the notes has increased to 6.5%, as previously announced. This step-up rate reflects the predetermined schedule for interest rate adjustments. The report confirms no material changes to the nature of the Issuer’s business or any events that would prejudice the security interests or other interests of the Note holders. ECP Emerging Growth has complied with obligations under Chapter 2M (financial reports and audit) and Chapter 6CA (continuous disclosure) of the Corporations Act 2001.
The directors certify that the financial position and performance of the Issuer are such that its assets will be sufficient to repay the amount of each Note when it becomes due.
